A lot of people think that estate planning begins and ends with the financial part of the equation, but this is really not the case. It is also important to address eventualities that you may face toward the end of your life, such as incapacity or incompetency. They are not especially pleasant to consider, but a difficult situation can be much worse if you enter into it when you are completely unprepared. Aging Statistics The population is aging rapidly because of the fact that the baby boomer … [Read more...] about End-of-Life Planning: Dementia Looms Large
An important estate planning question that must be asked is, "Who makes decisions about your medical care if something happens to you?" This results from illness, injury, incapacity (such as dementia or Alzheimer's), or some other reason. If something happens, having the right legal documents in place might be a lifesaver. Simply writing down your wishes ahead of time may not be enough because you cannot anticipate every situation. You must select someone you trust to manage your care, … [Read more...] about Estate Planning Attorney Explains Why You Need Health Care Directives
We understand that making the decision to obtain a court-ordered guardianship for an adult can be difficult. If a loved one is no longer capable of caring for themselves and properly managing their affairs, and they did not establish a living trust for themselves, then a guardianship may be the only alternative. When families reach this point, and they are facing the decision to get the court involved, most families wonder how much a guardianship will cost? While the overall cost can be … [Read more...] about How Much Does a Guardianship Cost in Nevada?
You may have heard of HIPAA, or been asked to sign a form the last time you visited your doctor. Nearly every health care provider now requires its patients to sign acknowledgement forms indicating they are aware of the HIPAA regulations. How many of us know what HIPAA is for and what these health care regulations require? It is helpful, while you are creating or modifying your estate planning, to understand how HIPAA authorizations play a role in your estate and incapacity planning. What is … [Read more...] about Why Do I Need HIPAA Authorizations in my Incapacity Plan?
Advanced Directives in Nevada from Brad Anderson Under Nevada law, you have the right to make decisions regarding the use of life-sustaining treatment, as long as you are competent to do so. Learn more about advanced directives in Nevada in this presentation. … [Read more...] about Advanced Directives in Nevada
An agent is someone who is designated to manage the affairs of someone else. In a power of attorney, their authority usually extends to the management of finances or health care decisions. The person who creates the power of attorney and designates the agent is known as the “principal.” Once an agent accepts the authority given to him or her under the power of attorney, a legally binding relationship is created between the agent and the principal. With that relationship and authority comes … [Read more...] about How does an agent use a power of attorney?
Both a guardianship and a power of attorney are methods of placing the control of someone’s affairs into the hands of someone else. There are differences between the two and certain advantages and disadvantages that you should discuss with your Nevada Estate Planning attorney before making a choice as to which is most appropriate for you. Incapacity Planning in Reno: What is a Guardianship? A guardianship is a legal proceeding during which the court appoints someone to become the guardian for … [Read more...] about Incapacity Planning in Reno: What is the Difference Between a Guardianship and a Power of Attorney?
A power of attorney(POA) is a legal document that gives someone you have chosen the authority to act on your behalf. In Reno, Nevada, the person who creates the power of attorney is called the “principal.” The person you choose to act on your behalf is called the “agent,” or the "attorney-in-fact." Two types of powers of attorney in Reno are most commonly used. One to handle medical needs and the other to manage financial needs. For example, you could create a power of attorney to give … [Read more...] about Reno Power of Attorney
There are different types of powers of attorney. They each have their own purpose and transfer varying levels of authority to the agent. A “durable” power of attorney stays in effect even after you have become incapacitated. Any other type of power of attorney will terminate automatically if you lose your mental capacity. Common examples of durable powers of attorney are ones that relate to financial or medical affairs. According to the statutory law in Nevada, an “agent” (sometimes referred … [Read more...] about Who Can Serve as an Agent Under a Power of Attorney in Reno Nevada?
There are different types of wills that are used in the field of estate planning. One of them is the last will or last will and testament, which is used to transfer assets following your death. You can also nominate a guardian for dependents in your last will. Another type of will that should be a part of every comprehensive estate plan is a living will. Some people confuse living wills with living trusts, so we would like to provide some clarity here. Individuals generally equate a will with … [Read more...] about What Is a Living Will & Why Do You Need One?