• Power Of Attorney And Living Wills

  • Aug 23 2023
  • Length: 12 mins
  • Podcast

Power Of Attorney And Living Wills

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  • Podcast Show Notes Introduction: In this episode of "Small Bites of Business Insights," Becca is back with the host to delve deeper into estate planning basics, focusing on crucial aspects like power of attorney, advanced directives, living wills, and a brief touch on transfer taxes. Power of Attorney for Property: A power of attorney for property is a legal document that grants someone the authority to manage your property and assets in case you become disabled or incapacitated during your lifetime. The agent named in the document can handle financial affairs, pay bills, manage mortgages, and run businesses on behalf of the individual. Choosing a financially savvy and trustworthy agent is vital, often being a spouse, adult children, or a responsible family member. Power of Attorney for Health Care: The power of attorney for health care allows an individual to designate an agent to make medical decisions in case of incapacity. The agent, often a spouse or family member, must make decisions aligning with the individual's medical preferences, making communication and understanding crucial. Modern versions of this document may require specific instructions regarding medical conditions and treatments, including life-sustaining measures. Advanced Directives and Living Wills: Advanced directives or living wills focus on an individual's choice regarding life-sustaining treatment and medical decisions. It allows individuals to express their preferences for or against life-sustaining interventions under various medical circumstances. This document offers a clear declaration of one's choices, providing control over critical medical decisions when an individual is of sound mind. Organ Donation and Advanced Directives: Advanced directives often include a section regarding organ donation preferences, allowing individuals to express their wishes in this regard. If an individual values organ donation, appropriate provisions can be made within the advanced directive or through the Secretary of State's office. Teaser on Transfer Taxes: Transfer taxes, assessed by the IRS, are levies imposed on an individual's right to transfer assets to beneficiaries during their lifetime or at death. A future episode will explore transfer taxes in detail, given its complexity and importance in estate planning. Conclusion: Becca provides valuable insights into power of attorney, advanced directives, and living wills, shedding light on their significance in estate planning. Stay tuned for the next episode, where the discussion will delve deeply into the intricate realm of transfer taxes, an essential aspect of effective estate planning. Hosts: Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence www.business.louisville.edu/yumcgfe Rebecca McDade, JD - Attorney https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
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