June 25, 2016
Last will and testament.
A will is a key part of every estate plan. In it, you name the beneficiaries that you want to receive your assets after your death. Your beneficiaries might include family, friends, and charities. You also name a guardian for your young children on the chance that you and the other parent die while the children are young. And you name someone to oversee the administration of your estate and see that it is distributed according to the terms of your will. This person is typically known as an executor or a personal representative.
Durable power of attorney for finances.
The following three essential documents are designed to provide direction in the event you are ever mentally incapacitated and unable to manage your affairs or make decisions on your own.
The durable power of attorney for finances gives the person you choose the legal authority to manage all or part of your business and personal affairs if you become incapacitated. This person is known as your agent or attorney-in-fact. If you become incapacitated, your agent can step in and pay your bills, deposit your income, file your tax returns, oversee your investments, and so on.
Health care proxy.
A health care proxy, also known as a durable power of attorney for health care, is the legal document you use to name someone to make medical decisions on your behalf in the event you are unable to do so. This person can be whomever you choose, for example, your spouse, another family member,or a friend. Naming a health care proxy can help avoid conflict among your loved ones regarding your medical care.
Have you ever considered the type of care you want to receive if you are in an end-of-life or permanently unconscious situation? If so, conveying your choices regarding hydration, feeding, and resuscitation in a living will can help ensure that your wishes are carried out and remove the burden of making such tough decisions from your loved ones.
If you do not have these four essential documents in place, please consult an estate planning professional for help in creating them.
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.