Money Matters

Life Planning
Financial Safeguards
Who will own your car, house, savings, securities, and jewelry when you die? Don't you want someone you trust to be your minors' guardian? If you were in a life or death medical situation, do you wish to be kept alive or to be let go? Would you like for a family member or friend to make legal, tax, and financial decisions on your behalf? These are questions we would rather not think about; however, according to current data, 70% of Americans do not have a will or a health care proxy. There are four vital and necessary estate planning documents that everyone should have, no matter if you are young or old, rich or not: a will, a durable power of attorney, a living will, and a health care proxy.

Wills

It is important to write a will, and keep it updated. If you do not specify what should happen to your belongings, the State will.

A will becomes irrevocable after you die and only affects assets that you own at the time of your death.

Items that should be considered or included in a will:

Names, addresses and birth dates of you, your spouse, your children, etc.
Appointment of an executor and a successor executor who will carry out your personal wishes.
Designation of beneficiaries who are to receive your money and property upon your death.
Appointment of a guardian for your minor children, if you die or become incapable of caring for them.
List of assets (including, but not limited to, real property, investments, savings, life insurance policies and annuities, retirement accounts, personal properties such as cars, boats, jewelry, and collectibles, etc.).

Durable Power of Attorney

Authorizes a designated person – an agent – to make legal, tax, and financial decisions on your behalf and is effective upon execution.

Decisions include signing your checks, signing house-closing documents, preparing a tax return, making retirement elections, etc.

You may change and designate a new individual as attorney-in-fact.

Living Will

Allows you to set forth your wishes concerning end-of-life decisions.

A medical power of attorney applies in "life or death" situations .

Allows you to describe the preferred type and extent of medical treatment that may prolong your life for a limited period of time, and without that treatment you could die (such as whether to be hospitalized at the end of life, have blood transfusion, or resuscitation).

Must comply with state laws and be signed, dated, and witnessed.

Florida Statutes Section 765.303 provides a suggested form of a Living Will.

Health Care Proxy (or Surrogate)

A health care power of attorney is the appointment of a person to whom you grant authority to make your medical decisions in the event you are unable to express your preferences.

The appointed person will represent your interest and make medical decisions when you become incapacitated or mentally incompetent (such as Alzheimer's Disease, Parkinson's Disease, coma, unconscious).

Must comply with state laws and be signed, dated, and witnessed

Florida Statutes Section 765.203 provides a suggested form of a Health Care Surrogate.



	Sales Tax - Rental Property Life Insurance Good Debt vs. Bad Debt Difference Between a Will and Living Trust Tax Freedom Day Small Business/ Self-Employed Individuals Retirement Options Establishing a Financial Safety Net Financial Tips 2010 Tax Relief Act for Individuals Tips for Starting Your Own Business Tips for Small Business / Self-Employed Individuals Archived Video Tips	Life Planning Financial Safeguards Who will own your car, house, savings, securities, and jewelry when you die? Don't you want someone you trust to be your minors' guardian? If you were in a life or death medical situation, do you wish to be kept alive or to be let go? Would you like for a family member or friend to make legal, tax, and financial decisions on your behalf? These are questions we would rather not think about; however, according to current data, 70% of Americans do not have a will or a health care proxy. There are four vital and necessary estate planning documents that everyone should have, no matter if you are young or old, rich or not: a will, a durable power of attorney, a living will, and a health care proxy. Wills It is important to write a will, and keep it updated. If you do not specify what should happen to your belongings, the State will. A will becomes irrevocable after you die and only affects assets that you own at the time of your death. Items that should be considered or included in a will: Names, addresses and birth dates of you, your spouse, your children, etc. Appointment of an executor and a successor executor who will carry out your personal wishes. Designation of beneficiaries who are to receive your money and property upon your death. Appointment of a guardian for your minor children, if you die or become incapable of caring for them. List of assets (including, but not limited to, real property, investments, savings, life insurance policies and annuities, retirement accounts, personal properties such as cars, boats, jewelry, and collectibles, etc.). Durable Power of Attorney Authorizes a designated person – an agent – to make legal, tax, and financial decisions on your behalf and is effective upon execution. Decisions include signing your checks, signing house-closing documents, preparing a tax return, making retirement elections, etc. You may change and designate a new individual as attorney-in-fact. Living Will Allows you to set forth your wishes concerning end-of-life decisions. A medical power of attorney applies in "life or death" situations . Allows you to describe the preferred type and extent of medical treatment that may prolong your life for a limited period of time, and without that treatment you could die (such as whether to be hospitalized at the end of life, have blood transfusion, or resuscitation). Must comply with state laws and be signed, dated, and witnessed. Florida Statutes Section 765.303 provides a suggested form of a Living Will. Health Care Proxy (or Surrogate) A health care power of attorney is the appointment of a person to whom you grant authority to make your medical decisions in the event you are unable to express your preferences. The appointed person will represent your interest and make medical decisions when you become incapacitated or mentally incompetent (such as Alzheimer's Disease, Parkinson's Disease, coma, unconscious). Must comply with state laws and be signed, dated, and witnessed Florida Statutes Section 765.203 provides a suggested form of a Health Care Surrogate.