What is a Durable Power of Attorney document? The difference between a durable power of attorney (‘DPOA’) and a “non-durable” power of attorney (‘POA’) document is fairly simple. If the POA is durable, it means that it will continue being effective in the event you become incapacitated. A “nondurable,” powers of attorney usually ends in…
At The Whipple Law Group, we draft separate Powers of Attorney (POA) documents for our clients. For instance, we draft a Financial Decision-Making POA, which specifies what decisions and actions the designated Powers of Attorney may take with regard to your finances. Our client decides whether this power is broad and inclusive or narrowly defined.…
When you are engaged in estate planning, the topic of Power of Attorney (POA) is likely to come up. At The Whipple Law Group, we include POA documents and Health Care Directives in our flat estate planning price. We do this because of the importance these documents hold and the vital role they can play…
Review Your Will Regularly You should review your will every two to five years, or whenever your circumstances change. Changes that warrant revising your estate plan might include: Marriage Divorce Having a child Having children move out of the house Acquiring or inheriting a large asset Selling a large asset A change in the tax…
At The Whipple Law Group, we talk to people every day about the importance of drafting a Will. But people often ask why they need a Will or believe they don’t have a need for one at all. However, here are five basic reasons why you should prepare a Will: To Choose Beneficiaries The laws…
“Do I need a Will?” That is a question our firm often hears from clients. Many people do not believe they need a Will. However, these persons are often mistaken. Sadly, it is only after they pass that the reason a Will is so important becomes apparent. Why Do I Need a Will? There are…
If you have ever visited an animal shelter, then you have witnessed this sad sight: beloved pets whose elderly (or sometimes not so elderly) owners have passed away. With no one to care for them and, perhaps, no one with the resources to do so, the unfortunate fact is that these animals often end up…
When someone hears the term “estate planning,” drafting a Will naturally comes to mind. While estate planning includes several tools including Power of Attorney documents, Trusts, and Healthcare Directives, a person’s Last Will and Testament remains a fundamental element of successful estate planning. What are Wills? The Will often serves as the foundation of effective…
When working in the field of tax-related issues, it is easy to become confused by certain terms. One of these terms is “tax basis.” Have no fear, it is actually a useful term that is not too challenging to grasp once explained. What does tax basis mean? The term “tax basis” describes the value of…
State and federal governments impose taxes on estates where the total value of the estate is over a pre-determined amount. One important aspect of estate planning includes whether pre-death gifts should be made, to loved ones and charities, in order to lower the eventual tax liability of the estate. This is an important matter to…
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