If you have children of any age a durable power of attorney and health care directive is a critical part of your family, estate, and wealth planning.
America has been increasing in popularity as a tax haven and safe place to build and store wealth. However, its litigious environment and legal quirks, especially in the area of health care can also make it risky. The best benefits can be lost without having important documents in place.
A Rising Risk Environment
While life expectancy may be rising, and health care breakthroughs continue to promise new solutions to aging, in many ways we are also in a rising risk environment.
1 in 5 adults in the U.S. experience mental illness according to Forbes. This alone costs almost $200 billion in lost earnings every year. Hurricanes and wild fires appear to be increasing. And we are seeing more and more stories of political and civil unrest, and terrorism.
Injury or incapacitation for any period of time can impact our finances and assets. Every day accidents and illnesses can impact important family members and their ability to make decisions. Not to mention incurring very hefty healthcare costs.
The unexpected happen often. Fortunately, we can be prepared with the right legal structures and documents.
Living Wills & Advance Healthcare Directives
Again, one of the biggest threats we face isn’t the end of our lives, but that purgatory of being in between in an incapacitated state. This is not only an issue for real estate investors and heads of the estate now, but for their heirs as well.
Of particular concern today is when our children head off to college. By law a physician cannot share any medical information on your child, if your child is 18 or older, and is injured or becomes sick, even if you are paying the bill. Furthermore, you are not able to access bank accounts or financial records if a child is ill or incapacitated.
In these cases powers of attorney, Living Wills, and Advanced Health Care Directives can be a priceless asset. The necessary legal power to make decisions on medical care, treatments, and preserve the family’s financial management powers. They ensure more control of these decisions by family members you trust and designated professionals. They aid in avoiding steep costs that are incurred without this legal protection, and provide privacy protection.
No family with children should be without these documents. You never know what tomorrow will bring. If you don’t have them yet, today is the day to have these conversations and put them in place.
Authored by Titanium Asset Protection
Titanium Asset Protection is an elite asset protection firm with licensed California attorneys on staff who specialize in asset protection, trusts, corporate law, succession planning, bankruptcy, real estate, and tax law. Our team has successfully represented clients to the highest levels of the justice system in fighting to protect them, and their finances, with lead counsel Matt serving as the Ethics Chairman for Le Tip International, The Chapter of Orange for 15 years, being an honored member of the revered Wealth Counsel.