Ridgewood Powers of Attorney and Living Wills Lawyer
Durable Financial Power of Attorney ▪ Advance Directive/Medical Proxy
Wills and trusts can protect your assets after your death, but what if you become incapacitated during your lifetime? Who will make financial decisions for you? How will you make healthcare choices?
Durable financial powers of attorney and advance directives/medical proxies (living wills) are two estate planning vehicles through which you can make decisions today so that your financial and healthcare wishes are kept tomorrow.
At Michael A. Manna & Associates, we help clients create estate plans that are suited to their individual circumstances. Call 201-345-3018 or send us an e-mail for a free consultation about New Jersey living wills and powers of attorney.
Safeguarding Your Financial Future Through a Financial Power of Attorney
Of all the estate planning documents available, a durable financial power of attorney may be the most important. A will only distributes your assets after you have passed away. It will not grant anyone financial decision-making should you become incapacitated through a stroke, car accident injury, head injury or any other serious injury. In fact, if you were injured and could not make your own decisions, your loved one/family member would have to go to court — an expensive process — to become your guardian and be able to access your finances.
There is a better option. A durable financial power of attorney is a document that allows you to give a person or multiple people the power to access your finances and sign significant financial documents for you. Through a financial power of attorney, the person or people you name can access your IRA, 401(k), sell your house, sign for you on a joint income tax return and more. Without it, only a guardian could do these things.
Why Should You Hire a Lawyer To Help With Your Power of Attorney?
Unfortunately, most lawyers think a New Jersey durable financial power of attorney or a New York durable financial power of attorney is something that you can pull off the shelf and sign. Michael A. Manna is a member of the National Academy of Elder Law Attorneys and, as a result, is sensitized to elder law and estate planning issues. He knows that this is not true. In fact, you may not be able to take certain actions unless they are specifically authorized in the power of attorney. Nearly 95 percent of powers of attorney have this deficiency and need to be redone.
Questions our law firm will ask you include: Should the person you choose be able to give away your assets in order to accelerate your eligibility for Medicaid ? Is there a gifting provision? Are there any special circumstances that should be included in the financial power of attorney?
Advance Directive/Medical Proxy (Living Will)
An advance directive/medical proxy, also known as a living will, allows you to name someone to make healthcare decisions for you should you become incapable of making them on your own. It also allows you to dictate whether or not you should be removed from life support if you become terminally ill (permanently unconscious or inflicted with a degenerative illness).
New Jersey has a prescribed form for advance directive medical proxies. However, we encourage clients to speak with a New Jersey estate planning attorney and develop an individual form geared toward their specific wishes.
Speak With an Experienced Estate Planning and Elder Law Attorney
Once you are incompetent, it is too late to make these important decisions. Let us help you make them now.