For most of us, the goal of retirement is to start doing some of the things we never had time to do while working full time. This could include a hobby, travelling, purchasing a vacation home, or fulfilling a lifelong dream. However, all these dreams require time and resources. Spending in the early stages of retirement typically go up as retirees are still healthy enough to do everything on their bucket lists.
Which is why it’s important for retirees to understand that they may be living from their retirement investments for three or more decades. That means that you’ll need to have enough money to cover routine expenses plus health care and most likely, long-term health care services. Make sure your financial planning takes these factors into account.
Once you know how much money you’ll need for your costs of living and health care, plus inflation, then what’s left behind is your retirement “fun” money.
Knowing how to work within the constraints of a budget becomes more important during retirement. You can’t just ‘go back to work’ for a few decades if you find yourself running short, although some folks do end up having to pick up a part-time gig on the side.
What if leaving a legacy is more important to you than buying a second home? Just like the plan for retirement fun, you’ll need to do some financial planning to make this goal possible. Remember that your legacy will include whatever is left at the time of your death, as well as what you may give while you are living.
Giving your children or grandchildren their inheritance while you are alive, is a way to enjoy the gift twice — once when you give and a second time when you see what they do with your gift. You might want to help the family reach their own financial milestone, like covering the cost of a college degree, helping with a deposit on a home or helping to pay off a mortgage.
Charitable giving may also be part of your legacy. If there is a charity, foundation, or alma mater that aligns with your values, you may choose to set aside a portion of your estate for a donation.
Regardless of whether you are planning on spending everything, giving away your assets to family members, or to a preferred charity, an estate plan is necessary. Here at Tacoma Elder Care we can advise you on creating an estate plan that fits your unique circumstances and budget, so schedule your FREE consultation today. Or join us for one of our FREE workshops, you can register HERE.
For many, estate planning is something that is often moved down the priority list, but realistically, how early should you start estate planning? The answer is right away! Ideally, estate planning should be started at a young age with adjustments along the way. However, even if you are past your youth there is no better time than right now, to get started with estate planning.
Here at the Tacoma Elder Care, we provide specialized estate planning and can work with you to ensure you get a plan started and that your wishes are met. If you haven’t chosen an estate planning attorney yet, we hope you will contact us for a free consultation.
Or better yet! Join us for one of our FREE Workshops! You can find out more and register for a workshop HERE.
Estate Planning Is More Than Just A Will
While estate planning and creating a will have some things in common, they are not synonymous. If you already have a will and have been counting on that to be the only document you need, then it is time to learn more about estate planning.
A will is simply one component of an estate plan. It is an extremely important component, and if you do not have a legal will created yet, now is the time to do so. A legal will allows you to leave your property and assets to those you choose and designates legal guardianship in the case of minors in your care.
Estate planning, however, involves more than just a legal will. Estate planning should also include the following:
What Happens If All You Have is a Will? Avoid the Loss of Funds and Time in Probate…
While no one likes to contemplate their death, estate planning requires you to think about what will happen to your loved ones and all your assets after you are gone. When you pass away, everything you own will be distributed according to your will. However, if you only have a will, the process becomes lengthy and potentially expensive. This is where the process of probate comes into play.
Probate is the judicial process in which a will is proven. And keep in mind, no one will be able to access the resources you left behind until probate has completed. This takes place in the court of law and often includes a number of costs including attorney charges and litigation costs. If anyone contests the will, the process becomes even more lengthy and time-consuming.
Not only is probate lengthy and costly, it will also ruin any privacy you and your family hope to retain after your death. Every part of probate becomes public record, leaving many people to feel that their family’s privacy has been compromised.
The good news is that through proper estate planning, you can avoid this unfortunate scenario. We can help you draft living trusts, establish charitable donations, and other tactics that will help make the process much smoother. At Tacoma Elder Care, we are committed to helping our clients through the aging process. We understand how confusing the system can be and how difficult it can be to make the right choices for your future and the future of your loved ones. We are here to help you avoid issues, such as probate, through proper estate planning.
How to Ensure Your Wishes Are Honored
Lastly, there is no better time than now to start estate planning to ensure your wishes are honored both in life and in death. We can help you create the documents you need to make sure your medical care is handled exactly the way you wish it to be if you should be incapable of making decisions. We can also ensure that when you pass away, everything is handled precisely the way you want.
We understand how important it is to honor each person’s individual wants. We believe in empowering our clients to make the necessary decisions now to ensure the future is handled with care. We welcome you to talk to us about your estate planning questions. When you come to us for help, we will walk you through the following multi-step process:
If you realize that now is the time for you to get to work on estate planning, we are ready to help you. Please reach out to us today. We will work hard to ensure you put together the right plan for your specific needs and your own unique wishes. Or sign up for one of our FREE Workshops!
While we all wish our loved ones could spend every day of their lives independent and in the comfort of their own home, this is sometimes simply not possible. Making the decision to place your aging parent or another relative into a nursing home can feel like a betrayal. However, in many cases, it is completely necessary and truly understandable.
The good news is that even if you had to place your loved one into a nursing home, you can still be there for them. While you might not be their primary caregiver anymore, you are still an important part of their life. Here at the Tacoma Elder Care, we help families prepare for end of life care and other important long-term planning. When you need an elder lawyer in Pierce County, we hope you will turn to us. We value every client as if they were our own family member and can help you make the right legal decisions for your elderly loved one.
Accept the Change
Seeing a loved one enter a nursing home can be a very emotional experience. You may feel guilty for not being able to offer them the independence they once had. You may feel sad as you watch the changes they may go through. You might also feel relieved that you are no longer bearing the burden of being their primary caregiver.
These emotions and more are completely normal. Allow yourself time to grieve, be angry, or process any other feelings relating to the change. If you are carrying guilt over their move, allow yourself grace and realize that no one is responsible for the complete care of another human. If you are struggling with accepting the change, consider seeking help from a trained therapist. They can help you process the situation so that you are better equipped to help your loved one.
Help with the Transition Period
While your loved one’s move to a nursing home may be difficult for you to process, it is probably even more so for them. They may feel scared, sad, angry, frustrated, and potentially even defeated by this change. The transition period is the hardest for most seniors as it feels like a loss of independence. During this period, try to help as much as you can by offering support, patience, and a listening ear.
You can also help them as they transition into their new home by providing as much from their previous life as possible. Put together photo albums with all their favorite photos. Bring the items they treasure the most from their house to the nursing home. While they most likely won’t have space for everything from their old life, you can still help them decorate and make their new room feel more like home.
Try to be a Proactive Part of their Life
Once your loved one has settled into a nursing home or care facility, be sure you strive to continually be a part of their life. Take proactive steps to ensure they do not feel forgotten. If possible, visit at least once a week so they have a friendly face to look forward to. If you are far away, write letters and make phone calls to them frequently.
Encourage them to get involved in activities at the nursing home and to make new friends. Keep checking up on how they are feeling and how they are being treated to ensure they are receiving proper care.
Small gifts can go a long way in helping them feel special and to make sure they don’t feel forgotten as well. Don’t forget important dates, such as birthdays and holidays. By providing continued support for your loved one, you can help them feel like they have retained the best parts of their life.
Seek Legal Help When Needed
Nursing homes are often an excellent choice for those who have increased medical needs that cannot be met by family members. During this stage of your loved one’s life, it is important to make sure everything is in order for their end of life care. Don’t hesitate to seek legal help to ensure their assets are protected, their wishes honored, and their medical care amply covered.
Here at Tacoma Elder Care, we can help you with finding the right resources for your loved one. We can assist you with putting together the right legal documents for your loved one’s needs. Be sure to schedule your FREE consultation today.
After you are gone you want your loved ones, particularly your children, to be able to use and enjoy the assets you leave behind. However, gifting assets may not be as straightforward as you think, and you need to be strategic when leaving money, property, or anything else you want designated for a loved one. Here are some of the mistakes we often see:
No Beneficiaries Are Named
You have the option on life insurance policies and retirement accounts to name a beneficiary who the asset will pass on to after your death. If you don’t name a beneficiary, the asset is almost certain to go through probate after your death, a costly and time-consuming process, which means no one will be able to touch those funds until this process is complete. Additionally, the policy could end up being taxed more than you anticipated if you don’t name a beneficiary, so always name beneficiaries and make sure to name a contingent beneficiary as well. If your intended beneficiary dies before you, or right after you, it will be the same as if you didn’t name a beneficiary at all, so be sure to keep your beneficiaries up to date. Periodically reviewing your policies will ensure that you have the right person named—this is particularly true after a death in the family or a divorce. The process for naming a beneficiary is usually simple and straightforward, so double check to make sure your beneficiaries are named and current.
Due to Appreciation Stocks Should Be Passed on After Death
Maybe you would like to give your children or other loved ones your stocks before you die. If they have appreciated, the recipient will end up paying capital gains taxes on the profits, which could be significant. Instead of gifting highly appreciated assets while you are alive, if you save them to be passed on after your death, the basis will step up to the current value and many of the taxes can be eliminated. Stocks that have a high appreciation should be saved to be passed on after death and ensure that your loved ones get the maximum benefit.
You Give Too Much
If you are eager to pass on assets to your children, you may want to give them before your death. Occasionally this makes sense, however, you need to have enough money to live comfortably, especially after retirement. If you don’t have new income being generated, how will you be able to handle future medical costs, assisted living costs, and other unforeseen expenses? You might give too much in the form of cash or you could tie up too much money in trusts and investments, not leaving enough to have a comfortable financial future. Consider your gifting options carefully—to help your children while you are still alive, but still having enough that you will be comfortable and provided for as well.
Your Child is Named as a Co-Owner of an Account
It is a common occurrence to want to give a trusted child access to your bank account to help you and manage your finances as you get older. However, if you name your child as co-owner on the account, you may end up with some undesirable consequences. While this arrangement allows your child to access your accounts, they end up being the co-owner of that asset, and you are in effect gifting them that asset. That means that gift tax regulations come into play, and they could end up having to pay. Another problem with your child as co-owner is that half of the account becomes subject to any claims by creditors, bankruptcies, or lawsuits. The account could even become a part of any divorce proceedings your child might go through. Instead of naming your child as a co-owner, consider a durable power of attorney to give them access to manage your affairs without being a co-owner of them. If your child becomes a co-owner, they also will inherit the entire balance of the account upon your death, which might not be your intent.
You Leave Assets to a Minor Child
If your assets, such as life insurance policies or property, are directly transferred to your minor children, the money will transfer to them when they turn 18, often in full. This is a large responsibility for a young adult, and many studies show that an inheritance is spent within 18 months of receiving it. If you want any inheritance to go towards your child’s education or other important expenses, and not just be spent on fleeting things that they will regret, there are ways to structure your gifting so that you can protect your children from making rash decisions with the money you want to leave them. You may also want to think about potential bad spending habits of your children, future divorces, or future creditors or lawsuits.
You Leave Assets to a Special Needs Child
If you have a special needs child, you want to do everything you can to ensure that they are taken care of financially in the event of your death. However, gifting them money can sometimes disqualify them from benefits such as Supplemental Security Income (SSI) or medical assistance due to a disability. These government benefits can be income and asset dependent, and if they inherit a large sum of money they may need to spend it down to then re-apply for the benefits. This can be a stressful process for your child and could potentially be a waste of your estate. Instead, you’ll want to create a special needs trust that can hold assets for a special needs individual without jeopardizing their benefits.
You Don’t Know About the Gift Tax
It seems like you should be able to give your children or loved ones the money you want them to have, however, if you give them too much during your lifetime it can be subject to the federal gift tax. If you give more than $14,000 annually to your children they could end up paying tax on it, and this includes gifting property. It is the value of the property or assets that you transfer that will count toward the value. There are ways to gift money and assets to your children to avoid paying gift taxes, and meeting with a trusted estate planner is crucial to making the right decisions.
You Don’t Know About the “Kiddie Tax”
The so-called “kiddie tax” was created to prevent parents from sheltering cash and assets under their minor children’s names to avoid taxation. If your child receives unearned income (gifts) up to $1,000 they will be taxed within the “kid’s bracket,” but once the value reaches $2,000 they will be taxed at the parent’s rate. You can’t just give money to your minor children completely tax-free, but you can take steps to avoid paying the kiddie tax.
You Don’t Have an Estate Plan
Probably the biggest mistake you can make when gifting money to your children or loved ones is to have no estate plan at all. Thinking about what will happen after you die is not a fun subject, but if you do no planning you will end up letting someone else (the government) decide how to allocate your assets. Your family members might need to go to through probate to have access to assets, and this can be a time consuming and expensive procedure. Your assets may not be distributed how you want and to who you want—especially if you have someone who is not a family member that you would like to gift money to. There are many options available when considering estate planning, including have a will, setting up a trust, or gifting to your loved ones while you are still alive. How do you know what options will be best for you and your unique financial situation? That is where a skilled estate planner comes in.
Tacoma Elder Care is here to help you navigate the complex waters of estate planning. We can help with estate planning at any stage of life, but we are especially passionate about estate planning for seniors. Whether you don’t have any estate planning done, or you would like us to help you refine your current plan, we can advise you on how to maximize your gifting to family members and loved ones--schedule an appointment today!
A friend of mine recently told me that their financial adviser recommended they buy a long-term care insurance policy to cover the cost of nursing home care in case they need it as they grow older. This seemed like good advice, until they realized that the premiums were - expensive.
This is always a difficult topic, and to be honest, everyone has a different point of view. Statistically, after age 65, most of us may need caregiving services at some point. No one really wants to think about this, and we all say, “it will never happen to me.”
What we don’t consider, is that it absolutely could happen to you, and someone will need to pick up the bill.
Currently, the cost of caregiving can run as low as $2,500 to more than $10,000 per month. For at home care, it’s approximately $30 per hour. These costs get higher every day. So, if you’re 55 now, just imagine what they will be when you’re 75.
Unfortunately, there are only three ways to pay for long term care:
Which is why many financial advisers will recommend that a long-term care insurance policy should be part of your retirement plan. The good news is that you can still find an affordable policy up to 65, but after that it starts to get expensive.
There are some other options to consider, and depending on your situation, you may be able to find less expensive alternatives. The key is to start planning as early as possible, so that you can be prepared. Where we see the greatest costs are when someone has no plan in place, and unexpected situations arise.
Come to one of our FREE workshops to learn more about long-term care options, and much more. You can register HERE. Or call to schedule a FREE consultation.
The pattern has been the same for the past several generations here in the U.S. After high school and maybe college you embark on your work life. You spend four decades or so in various jobs. Then at some point you have enough resources to retire. Stopping your regular job and enjoying a new lifestyle with fewer demands, less stress, and more time to do what you love. That might have been our typical conception, but these days – in the minds of as many as one in four American workers – that final step, retirement, will probably never happen.
No Plan to Retire?
At least that’s the conclusion from a study that was just released by AP-NORC, a collaborative partnership between the Associated Press and the National Opinion Research Center at the University of Chicago. Researchers at the AP-NORC center surveyed over 1,400 adults nationwide about their retirement plans. What they found confirms that the dream of a secure retirement is “elusive for many in the U.S.,” according to study author Andrew Soergel. Almost half of respondents consider themselves financially unprepared for retirement, and nearly one in four claim they will never retire at all. As the study concludes, a few of these could be motivated by their love of work, but the majority simply consider retirement unaffordable.
As we read stories like this, we’re reminded once again of the absolute necessity for people to plan properly for retirement. How many of those who say they are unprepared to retire have done any actual planning at all?
Andrew Soergel’s article on the AP-NORC study says that the data about never retiring “suggests a disconnection between individuals’ retirement plans and the realities of aging in the workforce.” In other words, those workers who expect to stay on the job indefinitely are in for a rude awakening. “Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they’d like.” Other studies suggest that once older workers lose their jobs, they have a much harder time finding a new one, and often never manage to get back to the earning level they had enjoyed previously.
The biggest reason so many people never expect to retire comes down to one factor: they consider themselves financially unprepared. “For many, money has a lot to do with the decision to keep working,” says Soergel. As one expert from the Center for Retirement Research at Boston College told him, “People have to live in retirement much longer, and they may not have enough assets to support themselves.” That’s why AP-NORC shows that fewer than 30 percent of respondents over 50 consider themselves “extremely prepared” or “very prepared” financially for retirement – leaving seven out of ten describing themselves as either somewhat ready to retire or not ready at all. Among current retirees, the numbers are slightly better but not great: roughly 60 percent said they felt somewhat or not at all prepared for the fiscal realities of life once the paychecks stop coming.
The bottom line from the AP-NORC study, in our view, is that planning is the key, because let’s face it, a plan of “working forever” as a solution is unrealistic.
At Tacoma Elder Care we help you think about all the critical aspects of solid retirement planning – finances, housing, medical coverage, legal protection and family communications.
Join us for one of our FREE workshopsWorkshop Registration, where we will help you begin planning for all aspects of your retirement, and learn how you can find a way to not, “work forever.”
Register here for one of our upcoming workshops. Or call today for your FREE consultation.
What subjects in a will are interchangeable among all states? Is guardianship the same no matter where you live? How about real estate? If I move frequently due to my company, is there anything in my will I know will always be valid or do I have to make changes every time I move?
Due to the full faith and credit clause of the U.S. Constitution, which reads "Full Faith and Credit shall be given in each State to the public Acts, Records, and judicial Proceedings of every other State," your will executed in one state will be honored if you move to another state. Which means you don't have to get a new will every time you move. This is also true of revocable trusts; they will be honored in all states.
However, this is less true of durable powers of attorney and health care directives. While they should be honored from state to state, sometimes banks, medical professionals, and financial and health care institutions don't always accept documents and forms they are not familiar with. In addition, for some purposes the execution requirements may be different.
Some states require witnesses on durable powers of attorney and others don't. A state requiring witnesses may not allow a power of attorney that doesn’t include them to be used to convey real estate, even though the document is valid in the state in which it was executed.
Finally, guardianship is an issue when moving from state to state. If you have guardianship over another person in one state and you both move to another state, you will have to terminate the first guardianship and get a new one in the new state. This is because the courts in the first state will no longer have jurisdiction over the person in the new state.
If you are the court-appointed guardian for a parent and the guardianship was created by the courts in their state, but you feel they’d be better off in a facility in a different state (possibly where you live), the assisted living facility may require you have the guardianship transferred.
We recommend working with an elder law attorney to help you prepare all your legal documents and provide advice on what to expect in your state, and anything that may need to be adjusted if you should move to a different state.
We recommend calling for a FREE consultation to discuss your specific situation and needs. Or join Tacoma Elder Care at one of our FREE Workshops! Where you can learn about the vital legal documents everyone should have.
You still might be working full time, yet retirement is drawing closer every day. The idea of no longer working full time used to seem so far off, and now, as more and more of your friends retire, you find yourself counting down the days with a mix of eager anticipation and possibly some trepidation. Retirement is like the Great Unknown, so how can you adequately prepare for something you’ve never experienced?
You’re not alone in your mixed feelings. After a long time spent in the workforce, retirement can cause a lot of anxiety for some. Unlimited amounts of free time may sound like heaven to some, for others all they see is a difficult transition punctuated by stress, uncertainty and maybe even grief.
At Tacoma Elder Care we work with many retirees and talk with them about their experiences, and we’ve found that with a little guidance and some insight, transitioning into retirement can be one of the easiest transitions you’ve ever made in your life.
Here are Seven Tips that might help Make the Retirement Transition Relatively Easy
One: Plan for a longer transition period than expected. Expect there will be some trial and error until you get it right. It may take weeks, months, maybe even years to get used to retirement. That’s ok. The good news is, you have time!
Two: As your retirement kicks off, take a mini vacation. An opportunity to breathe. By taking a week or two to relax before you move into your new routine, will better prepare you for your new lifestyle. You’ll be well rested and ready for the challenge.
Three: Keep telling yourself, “this as a new beginning.” This mental preparation is an important component for a healthy transition. Rather than seeing retirement as the end of your career, view it as the beginning of an exciting new phase in your life. Begin reading retirement-related articles, talking to current retirees about their experiences, taking classes you’ve always wanted to take, or pursue volunteer opportunities.
Four: Work on getting fit. This should be fairly obvious, but it’s vitally important. Committing (or recommitting) to a healthy exercise routine, a healthy diet, plenty of water and rest, will help to reduce stress, build self-confidence, and benefit every aspect of your life from attitude to cognitive ability. You have no more excuses, and you have the time.
Five: Maintain your friendships. Friendships and social activities can help to reduce stress and provide emotional support. Having a strong network has been shown to improve physical and mental health as we age.
Six: Build a strong mental foundation for change, and develop a strong sense of identity, nurture (or create) a strong social network, and discover a strong personal mission and purpose. Now that you are no longer associated with a work title or career, begin to develop an honest sense of who you are as a person in this world.
Seven: Remember to always follow your dreams. Retirement isn’t an end, but a beginning, and the best way to ease yourself through the transition to retirement is to rediscover the world through a new lens. Explore being an optimist, not a pessimist!
The Retirement Transition is Really about the Right Retirement Plan
Regardless of how old you are or what your circumstances, a solid retirement plan is always the best solution. Even if you worry that you aren’t prepared or don’t have enough, a well thought out plan can show you the way forward toward a better retirement , including not only a financial strategy, but all the essential elements that matter most, including legal, housing, health and family. With a plan in place you can be prepared, and anxiety can be replaced with confidence and a sense of optimism towards this new chapter called “retirement.”
We encourage you to Join Us for a FREE Workshop! Tacoma Elder Care is all about helping you prepare for the secure retirement you deserve. Sign up for one of our Workshops today. Or call for a FREE consultation.
Unfortunately, many retirees are unprepared for financial emergencies. While they may manage their day-to-day budgeting well, a significant percentage are completely unprepared for a financial crisis, and when an unplanned expense comes along, they are often forced to choose even more expensive financial decisions just to cope.
How An Emergency Expense Can Catch Retirees Off-Guard
Since most retirees are on a fixed budget, planning for monthly expenses such as your mortgage, utilities, transportation, food and other necessities is relatively easy. You might even build in a little cushion for discretionary fun. The problems arise when unexpected expenses hit, catching many retirees off guard. When it comes to retirement budgeting, expect the unexpected. Most retirees in their mid-70s and older say they can’t come up with the cash to cover an unplanned expense of $10,000. Even those in their 60s would have difficulty with a situation such as this. In fact, in 2018 CNBC reports that only 39% of Americans had enough in a savings to cover a $1,000 emergency, so how would someone who is retired and on a fixed income handle something 10x that size, or more?
A solid financial plan for someone who is retired is to make sure you have enough cash in an emergency fund to handle something like this. There are two surprise expenses that typically take retired folks off-guard, their house and – surprisingly – their teeth. “What tends to slip through the cracks are dental work and home repairs, two pricey expenses that often catch people unawares,” Money Magazine reports. “These two categories topped the list of financial shocks in retirement, followed by significant spending on prescription drugs.”
When Facing Emergency Expenses, Insurance Doesn’t Always Help
Many retirees seem to believe that homeowner’s insurance or Medicare will cover emergency expenses, but that isn’t always the case. Your homeowner’s policy typically covers damage from fires, floods, earthquakes and the like – depending on the terms of your coverage – but it generally doesn’t step in when you need to spend $15,000 on a new furnace or $10,000 to replace a worn-out roof. As for dental, Medicare doesn’t cover most routine procedures, and even Medigap and Medicare Advantage dental plans have severe limitations and co-pays that can cost thousands.
The solution is to have ready cash on hand, even if it’s in a savings account that earns meager interest. Your financial advisor will typically recommend that you keep three to six months’ worth of living expenses in a liquid account to deal with unforeseen expenses. Having ready cash is important whether you’re working or retired, since unplanned expenses can occur any time. If you don’t have cash available to meet the emergency, you’re often left with two unattractive options: either you are forced to liquidate part of your retirement, or you decide to pull out your credit card and borrow to pay the bill. In the first instance, you sacrifice your nest egg and the earnings it generates, and you might find yourself with a tax burden that makes the situation even worse. In the second situation, those credit card fees tend to pile up month after month as the hole grows deeper.
To make sure you have all the documents and plans in place for your retirement, we recommend joining us for one of our FREE Workshops where we partner with local groups such as Sound Options and Cay Care. We work together to help you find the solutions you need, so that you can rest easy that all your bases are covered. So that you can get on with enjoying your well-deserved retirement!
Sign up for one of our Workshops today! Or call for a FREE consultation.
Powers of Attorney are the most important estate planning documents we all should have while alive. Without one, there will be no one to act for you on your behalf if you cannot act for yourself. This may sound like something you’ll never need, or maybe only something you’d need if you were elderly or diagnosed with dementia, but the truth is you never know what can happen. If you were to become suddenly ill, injured, or incapacitated, you will need someone who can act on your behalf in all matters. To do that they will need a Power of Attorney document.
Not all legal documents are created equally, however, and you may need more than one Power of Attorney to make sure everything is addressed. There are two that we highly recommend, a Durable Power of Attorney for financial matters, and a Health Care Power of Attorney.
Washington amended its “Power of Attorney” statute effective in January 2017, which changed what would need to be included. Likewise, in 20o4 and 2012. Which means that your “attorney in fact” (i.e. the person you name and empower to act for you should you need/wish them to) shall not be able to perform certain acts such as amend or revoke an employee benefit plan, trust agreement, deal with banking matters, certain real estate transfers and the like unless specifically provided for in the Power of Attorney document. This has led to the drafting of comprehensive documents designed to encompass every conceivable situation your “attorney in fact” may be asked to perform. Given differences in dealing with financial versus health care matters, separate documents have been recommended for each.
To learn more about these documents and how to set them up for you and or your loved ones, we recommend you attend one of our FREE workshops where you will learn more about these documents, and much more! Register today!