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Planning Ahead for Peace of Mind

Blogging Ahead

By: Sipi Gupta | October 14, 2019

What happens to your Facebook account when you die?  What electronic media did you use today?

 

All of the different online accounts that you use are your digital assets, and they challenge traditional estate planning approaches.  The Revised Uniform Access to Digital Assets Act (RUFADAA), revising the Uniform Access to Digital Assets Act and developed by the Uniform Law Commission, establishes rules and regulations surrounding digital account ownership. 

 

According to a recent McAfee survey, the average individual has over $35,000 worth of assets stored on his or her devices.[1]  Such assets include personal memories (photos, videos, and the like), personal records (like health, financial, and estate plannin...

By: Sipi Gupta | September 13, 2019

Although special needs planning can seem overwhelming, it is important to begin identifying what your son or daughter will need throughout his or her life and the what-ifs for when you are no longer there.


Step 1: What Will Be Needed?

  • A future needs assessment taking into consideration your child's disability and anticipated resources - either from public programs like Medicaid and SSI or through private funds. 
  • Tracking regular and intermittent expenses to give you a baseline that includes the costs associated with your child's day-to-day living
  • Contact nonprofits for people with disabilities that offer support and education as well as the invaluable opportunity to connect with and learn from the experiences of others.  
  • Get a...

By: Sipi Gupta | August 06, 2019

A power of attorney and a guardianship are tools that help someone act in your stead if you become incapacitated. With a power of attorney, you choose who you want to act for you. In a guardianship proceeding, the court chooses who will act as guardian.


Power of attorney

A power of attorney is an estate planning document that allows a person you appoint to act in place of you for financial and/or health purposes when and if you ever become incapacitated. You may limit a power of attorney to a very specific transaction or you may grant full power to someone over all of your affairs. For more information about powers of attorney, click here.


Guardianship


If an adult becomes incapable of making responsible decisions due to a mental disability, the...

By: Sipi Gupta | May 09, 2019

Yes! A power of attorney for finances is a document that gives someone – your agent – the right to act on your behalf, but sometimes it’s helpful to have two agents acting for you instead of one. Multiple agents who can act together are permitted, and your document can specify whether you will allow co-agents to act independently of each other or together.

By: Sipi Gupta | May 02, 2019

As a competent adult, you have the right to make your own health care decisions and appoint a trusted person, called a Health Care Surrogate, to make health care decisions for you if you become incapacitated. However, if you have not appointed a Health Care Surrogate and become incapacitated, the court can step in to protect your rights and appoint a Guardian to make medical decisions on your behalf. A Health Care Power of Attorney is considered an alternative to Guardianship, as giving your Health Care Surrogate the legal right to make medical decisions on your behalf can avoid the need for a guardianship for medical decision-making.