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Concepts of succession planning
Concepts of succession planning
Concepts of succession planning
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Estate planning is the process of managing and parceling out an estate to reduce the taxes owed and to transfer assets to beneficiaries after someone dies. The goal being that all of your financial wishes are met upon your death and are not determined by a court.
You plan your estate through legal entities like trusts, wills, powers of attorney, health care surrogacies, etc. These are critical legal tools that will help your spouse and your family after you die and avoid having your estate go into probate and be settled by a judge.
When you begin to make a plan, you will want to go through an attorney to make sure that all of the requirements are in order for your final wishes to be carried out appropriately as per the laws in your particular state. There are some things you can do to prepare to meet with your estate planning attorney.
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Good attorneys will have a site that will explain the estate planning process and might even have testimonials from happy clients.
You will want to make sure that your estate is planned for and that your wealth, no matter how small, is distributed as you want it to be upon your death. At a minimum, people should plan for a power of attorney and have a will to ensure that you and your assets are properly planned for when the time comes to divide up your estate. An attorney that specializes in estate planning attorney is the best choice for this job.
Acquiring your own estate planning attorney can prove to be a simple venture as per the aforementioned factors and there are an ample amount of benefits that are associated with acquiring your own personal estate planning attorney. Although there is a myth that estate planning will only benefit those of an affluent nature, every individual throughout the nation will have the ability to reap the benefits of estate planning. If for no other reason than to make things go smoothly for your spouse and
As we get older and delve into the real world, it is important to start thinking about end-of-life care and advance directives. Although it is something no one wants to imagine, there is an absolute necessity for living wills and a power of attorney. Learning about the Patient Self-Determination Act and the different legal basis in where you live is important because it will help people understand why advance care directives are so important. Although there are several barriers in implementing advance care directives, there are also several actions that healthcare professionals can take to overcome these obstacles. These are also important to know about, especially for someone going into the medical field.
Process philosophy is known as the idea that everything is changing. Over the years, process philosophy has changed the way humans exist and go about their day to day lives. In order to fully grasp the concept of process philosophy we will first take a closer look at process philosophy, as a whole, its history, and the ideas behind this particular philosophy. Then we will discuss the effects process philosophy has had on marriage and family, followed by a brief commentary.
Two examples of Advance Care Directives, which are living wills that allow a person to document end of life medical treatment, are the FiveWishes and MyDirectives in the United States. The FiveWishes directive is described as living with a heart and soul and follows five wishes. These wishes include: the person which will make decisions regarding the patient’s health when the patient is not able to, the kind of medical treatment wanted and not wanted, the level of comfortability of the patient, how the patient is treated, and the amount of information that the patient’s loved ones know. The MyDirec...
The right-to-die is defined as expressing or advocating for the right to refuse extraordinary measures intended to prolong someone’s life when they are terminally ill or comatose. Generally people who use right-to-die laws do not do it because of the pain or financial reasons, but because they are worried about becoming a burden, or losing their autonomy. If a person exercises their right-to-die they already have their wills or property sorted out, but if that is not the case there are many places to help people sort out their wishes as well as property. “Medical professionals often encourage people to make a living will or advanced directives which is a document that lets individuals state their wishes for end of life care, in the case they become unable to communicate their decisions.”(Mayo Clinic, 2015). Living wills are more prominent now than they were before; with all the medical advances now people can live for years, even though they might not have wanted to, because the doctor was unaware of the patient 's wishes. In the past, when life threatening symptoms from accidents or
FIRST: I direct that the expenses of my last illness and funeral, the expenses of the administration of my estate, and all estate, inheritance and similar taxes payable with respect to property included in my estate, whether or not passing under this will, and any interest or penalties thereon, shall be paid out of my residuary estate, without apportionment and with no right of reimbursement from any recipient of any such.
While navigating the abundant and sometimes confusing legal language of advance directives can be time consuming, it would benefit every person to consider their end of life wishes and have some form of written statement available for their doctor and family to understand those wishes. Doing this in advance can prevent emotional anguish, suffering and expensive litigation. In the end, clearly and when possible, written, documentation of a medical directive, a living will, or a chosen health care power of attorney will lessen the burden for the medical professionals and family of a dying or incapacitated person.
Today, most states have some laws that allow patients to make informed decisions about how they wish to die. Almost every state allows one to have a living will. This simply states that if one is surviving via ...
A funeral is an important event that should be planned with careful consideration, as each person only gets one to celebrate his or her life. People often die expectantly and suddenly leaving any funeral and burial arrangements in the hands of friends or relatives. These friends or family of the deceased may or may not have a good understanding of what the deceased would have preferred in his or her post death arrangements. A person planning his or her own funeral can prevent this guessing game and insure the arrangements are to their specifications.
THOMAS, K. and LOBO, B., 2011. Advance care planning in end of life care. Oxford: Oxford University Press.
Death is a personal experience and to ensure loved one’s wishes, there has to be the ‘what if’ conversation. It is natural to talk about the possible end with loved ones after marriage and having children. Living wills are obtained and do not resuscitate orders, thoughts of a possible guardian for the children, life insurance, appointing a health care agent, and any other loose ends that will ensure the well being of the family. A health care agent is someone who the patient designates to make medical decisions, if decisions cannot be made generally. The chosen agent should be a person who knows the wishes on the extent of medical care treatment wanted. The appointed health care agent should be someone who is not afraid to ask questions of the healthcare professionals to get information needed to make decisions and be assertive to ensure that wishes are respected. (Healthcare Agents, n.d.).
The purpose of estate planning is to address how you would like to be treated in the event of your incapacity and how you would like your property to be treated after you pass away. Failing to update your estate planning documents can result in improper management of your finances during your lifetime and your property being distributed to people or organizations that you no longer wish to receive it.
It can also be quite stressful for the dying individual if the family members are attempting to plan their funeral and they are unable to communicate their wishes (Callanan & Kelley, 1992: 42-43). This issue of miscommunication occurs closer to death, so if the planning process starts soon enough the dying individual should be able to effectively communicate their wishes (Callanan & Kelley, 1992: 42-43). It has also impacted the dying individual in positive ways. Because of this, there are now places that individuals can transition into before the actual dying process begins. For example, in past decades, individuals with dementia would have to stay at home and be cared for by their friends and family, who while trying their best, may not have been able to cope with the demands of that individual along with their own personal lives (Dosa, 2010). Now, these individuals, when money and resources allow, are able to access special institutions and sectors in hospitals that are specially equipped to deal with those demands (Dosa, 2010). But this transition has plenty of financial challenges that go along with
Planning is a way to respond to the changes occurring in the environment around a person systematically. Planning is an approach towards the problem solving rationally. It can be taken as a remedial tool for creating change in the current situation in systematic and efficient way.
A personal financial plan is essentially important for any person and their loved ones to minimize future hardships and difficult financial situations. Short and long-term financial freedom and stability is something an individual wants to have through to the end of his or her life. Financially planning for one’s retirement years is vital so a person does not sustain major unhappiness or unnecessary pain in what is supposed to be the reward for working so hard in their younger years.