None of these situations are guaranteed to occur, but they are also not utterly improbable either. Once anticipated as a possible future situation, there are actions I can take such as changing beneficiary designations, providing that assets are protected for children or grandchildren who need that protection and to getting, or replacing, the value of my practice to my wife and children at my death with insurance. Some of these actions are documents, but some are not. In either event, for my clients in similar situations, using a basic will may save them some money today, but will not prompt them to anticipate the future. By not planning, they cannot avoid risking the loss of their assets during the administration of their estates.
A living will can be created by an individual within one (1) day. It does not need to be made with an attorney or filed with a government office. All that is required is for the Principal (the patient) to enter their end-of-life treatment options and have the living will signed in the presence of a notary public and/or witnesses (depending on State Laws).
Determining the link between data breaches and identity theft is challenging, primarily because identity theft victims often do not know how their personal information was obtained, and identity theft is not always detectable by the individual victims, according to a report done for the FTC.[6] Identity fraud is often but not necessarily the consequence of identity theft. Someone can steal or misappropriate personal information without then committing identity theft using the information about every person, such as when a major data breach occurs. A US Government Accountability Office study determined that "most breaches have not resulted in detected incidents of identity theft".[7] The report also warned that "the full extent is unknown". A later unpublished study by Carnegie Mellon University noted that "Most often, the causes of identity theft is not known", but reported that someone else concluded that "the probability of becoming a victim to identity theft as a result of a data breach is ... around only 2%".[8] More recently,[when?] an association of consumer data companies noted that one of the largest data breaches ever, accounting for over four million records, resulted in only about 1,800 instances of identity theft, according to the company whose systems were breached.[citation needed]
Poor stewardship of personal data by organizations, resulting in unauthorized access to sensitive data, can expose individuals to the risk of identity theft. The Privacy Rights Clearinghouse have documented over 900 individual data breaches by US companies and government agencies since January 2005, which together have involved over 200 million total records containing sensitive personal information, many containing social security numbers.[38] Poor corporate diligence standards which can result in data breaches include:
· I own my own law practice. Since neither my wife nor any of my children are lawyers, they cannot inherit the practice and much of the value of the good will of my practice will disappear the moment of my death. The fact that I am in business for myself and so much of the value of the business is based on my being there means that my wife and my children will not get the full value of my business after my death.
Life insurance serves as a source to pay death taxes and expenses, fund business buy-sell agreements, and fund retirement plans. If sufficient insurance proceeds are available and the policies are properly structured, any income tax on the deemed dispositions of assets following the death of an individual can be paid without resorting to the sale of assets. Proceeds from life insurance that are received by the beneficiaries upon the death of the insured are generally income tax-free.
You can revoke your power of attorney whenever you want, as long as you are mentally competent. This revocation should be in writing, signed by you in front of a notary public, and delivered to the attorney-in-fact and any third parties with whom your agent has been in contact (e.g., your bank). If you recorded your power of attorney at your county recorder's office, you should record the revocation in the same place.
While you may think that you've covered all your bases, it may be a good idea to consult with a professional on a full investment and insurance plan. And if it's been a while, you may want to revisit your plan. As you get older, your needs may change, such as figuring out if you need long-term care insurance and protecting your estate from a large tax bill or lengthy court processes. Professionals will also be up on changes in legislation and income or estate tax laws, which could impact your bequests.
If a court proceeding to determine the principal’s incapacity has been filed or if someone is seeking to appoint a guardian for the principal, the power of attorney is automatically suspended for certain agents, and those agents must not continue to act. The power to make health care decisions, however, is not suspended unless the court specifically suspends this power.
The requirements for a living will vary by state so many people hire a lawyer to prepare their living will. Most people can create this simple document - along with the other typical estate planning documents - without the high legal fees by using a quality software application that accounts for their state's laws. If you need to write or update a will or trust, you can take care of your living will at the same time.
One relatively new aspect of estate planning is digital assets. Things like email accounts, social media pages, blogs, websites, and media stored in the Cloud all qualify as digital assets, and you’ll need to decide who gets which assets after you pass away. Many of us now use Cloud services to store our family photos and videos instead of traditional photo albums and physical videos, so your family will want to be able to access these cherished memories.
If you desire to have more control over your medical treatment in the event you are unable to make them for yourself, you will need to create a medical power of attorney. Just like a Living Will, you will need to select an agent who will behold your medical wishes and makes certain that those wishes are carried out successfully. Completing both a living will and a medical power of attorney form are recommended.
While you can appoint multiple agents, decide whether these agents must act jointly or separately in making decisions. Multiple agents can ensure more sound decisions, acting as checks and balances against one another. The downside is that multiple agents can disagree and one person's schedule can potentially delay important transactions or signings of legal documents.
I was fortunate to find Rania online. We worked with her on our estate planning, getting all our documents in order. She was extremely competent, responsive and professional. I wasn’t sure how I would like working with some strictly online but she scheduled conference calls, educated us and handled it beautifully, putting my mind at ease. She was personal and genuinely cared about getting this right for us. I would highly recommend her services!
General powers of attorney are used to allow someone to act for you in a wide variety of matters. For example, general powers of attorney are often used in business dealings to allow an employee to enter into contracts, sell property, spend money, and take other actions on behalf of their client. You may wish to create a general power of attorney if you are still capable of managing your own affairs but would like to have someone else take care of them for you.
Identity theft is a serious problem in the United States. In a 2018 study, it was reported that 60 million Americans identities had been wrongfully acquired.[34] In response, some new bills have been implemented to improve security, under advisement from the Identity Theft Resource Center, such as requiring electronic signatures and social security verification.[34]
If you've changed jobs over the years, it's quite likely that you have several different 401(k) retirement plans still open with past employers or maybe even several different IRA accounts. You may want to consider consolidating these accounts into one individual IRA. Consolidating of accounts allows for better investment choices, lower costs, a larger selection of investments, less paperwork, and easier management.
While the power of attorney gives the agent authority to act on behalf of the principal, an agent is not required to serve. An agent may have a moral or other obligation to take on the responsibilities associated with the power of attorney, but the power of attorney does not create an obligation to assume the duties. However, once an agent takes on a responsibility, there is a duty to act prudently. (See “Financial Management and the Liability of an Agent.”)
The Texas tax power of attorney form, also known as Form 86-113, allows another person to handle one’s tax filing. The powers granted to the tax representative permits them to perform a wide range of transactions on the behalf of the taxpayer. Such actions include providing information and discussing issues relating to an audit, receiving notices from the Comptroller, entering into written agreements, and providing…
Founded in 1946 as the Dallas Estate Council, incorporated in 1975 as the Dallas Estate Planning Council, we are a non-profit professional association. The primary mission of the Dallas Estate Planning Council is to provide our members with the latest tools and techniques in estate planning. Our programs generally qualify for continuing education credit for attorneys, CPAs, insurance agents, CFPs and in the CTFA trust management program of the American Bankers Association. The Council strives to foster understanding of the proper relationship between the functions of the disciplines and to encourage co-operation of persons acting under those disciplines. This web site will provide our members with new services and opportunities to share resources and information not only with our own members but also with other estate planning councils throughout the country.
Credit Reporting Agencies - Contact one of the three major credit reporting agencies to place fraud alerts or freezes on your accounts. Also get copies of your credit reports, to be sure that no one has already tried to get unauthorized credit accounts with your personal information. Confirm that the credit reporting agency will alert the other two credit reporting agencies.
The increase in crimes of identity theft led to the drafting of the Identity Theft and Assumption Deterrence Act.[54] In 1998, The Federal Trade Commission appeared before the United States Senate.[55] The FTC discussed crimes which exploit consumer credit to commit loan fraud, mortgage fraud, lines-of-credit fraud, credit card fraud, commodities and services frauds. The Identity Theft Deterrence Act (2003)[ITADA] amended U.S. Code Title 18, § 1028 ("Fraud related to activity in connection with identification documents, authentication features, and information"). The statute now makes the possession of any "means of identification" to "knowingly transfer, possess, or use without lawful authority" a federal crime, alongside unlawful possession of identification documents. However, for federal jurisdiction to prosecute, the crime must include an "identification document" that either: (a) is purportedly issued by the United States, (b) is used or intended to defraud the United States, (c) is sent through the mail, or (d) is used in a manner that affects interstate or foreign commerce. See 18 U.S.C. § 1028(c). Punishment can be up to 5, 15, 20, or 30 years in federal prison, plus fines, depending on the underlying crime per 18 U.S.C. § 1028(b). In addition, punishments for the unlawful use of a "means of identification" were strengthened in § 1028A ("Aggravated Identity Theft"), allowing for a consecutive sentence under specific enumerated felony violations as defined in § 1028A(c)(1) through (11).[56]
When Aretha Franklin died intestate—without a legal will—in 2018, she joined a surprisingly long list of famous people, including Prince, who also did the same. By not preparing the documents, she made the task of settling her affairs more complicated for her survivors. While your estate may not be as large or complex as a famous singer's, it's still important to have a plan in place in the event of your death.
Includes: Last Will and Testament*, Durable Power of Attorney, Medical Power of Attorney, HIPAA Authorization, Living Will or Directive to Physicians, Appointment of Guardian (if necessary), Beneficiary Designation Instructions, detailed instructions on how to sign your documents in compliance with the Texas Statutes, and a periodic “peace of mind” review.
