Pour Over Will | Durable Powers of Attorney Health and Assets | Revocable Trust | Irrevocable Trust | What You Shouldn't Do In Estate Planning
United States Estate Planning Foundation
The first step in establishing an Estate/Asset Protection/Tax Deferral Plan is to establish a basic domestic foundation. The basic foundation consists of:
- Durable Powers of Attorney (Health and Assets),
- Pour Over Will,
- HIPAA provision (The HIPAA provision allows medical practitioners to share your medical history with those you have selected),
- A Trust.
Durable Powers of Attorney:
USE - Estate Planning
The Durable Powers of Attorney allow your client to name in advance those who they wish to have power over their assets and health should they become unable to handle those issues for themselves. The Durable Powers of Attorney means the client can avoid:
- The cost of a long court battle,
- The time delay in securing a court appointed conservatory,
- The public nature of a conservatorship,
- The potential loss of control that can happen in a conservatorship,
- A debate about your health care.
In some states the legislature has replaced the Durable Power of Attorney Health with a new document called an Advance Health Care Directive. In those states we use the new document rather than the Durable Power of Attorney Health.
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