Estate Planning Newsletter

• Probate
  Probate, a Latin term meaning “to prove the will,” is a court-supervised process that settles a person’s affairs after death. To ensure that the decedent’s final matters and wishes are handled correctly... Read more.
• Overseas or Foreign Asset Protection Trusts
  In today’s litigious society more individuals are inquiring about asset protection planning, especially those individuals with a high risk of potential exposure to liability, such as business owners, doctors, or those involved in... Read more.
• Avoiding the Reciprocal Trust Doctrine
  Estate planning attorneys utilize a number of different estate planning techniques to accomplish the goals of their clients and sometimes to minimize transfer taxes. One common estate planning technique is the transfer of assets into an... Read more.
• Estate and Income Tax Treatment of Contaminated Property
  The Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) imposes liability for the investigation and cleanup of contaminated real property without regard to whether the landowner created or allowed the... Read more.

• 3 Estate Planning Documents Every Parent Needs
• The importance of estate planning
• Priscilla Presley and Riley Keough to Settle Dispute Over Family Trust
• 8 estate planning tips for advisors with artists and entertainer clients
• Fiduciary Duty Breached by Nephew Who Withdrew Funds That Belonged to Family Trust

Durable Powers of Attorney

If you become incapacitated, who is supposed to make decisions for you about the management of your property or your health care? A durable power of attorney allows someone you designate to act on your behalf. It is usually included as part of an estate plan.

A durable power of attorney is different from a non-durable power of attorney because it remains in effect even when you are incapacitated.

You are the “principal” when you create the durable power of attorney, and the “attorney-in-fact” is the person you appoint. Your attorney-in-fact may have the power to carry out all the same activities as you. An attorney-in-fact may be anyone close to you, such as a spouse, relative or close friend. In other words, an attorney-in-fact does not have to be an attorney.

Property Management

The attorney-in-fact designated for managing your property should adhere to your own standards of care. Also, this attorney-in-fact should:

• Avoid conflicts of interest
• Follow your directions
• Keep regular contact with you
• Maintain records of all transactions

Your attorney-in-fact for health care has the duty to make health care decisions for you. Some states have simplified this process. For example, California has a Health Care Decisions Law that makes it easier to name someone to act on your behalf for medical treatment decisions.

More Than One Permitted

You may assign more than one power of attorney to carry out your property management or health care wishes. Usually, if there are 2 or more attorneys-in-fact, they must agree on what actions to take on your behalf.

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