New Power Generation Inc .
NPG Financial Services Inc.
7726 Winegard Rd, Suite 17
Orlando, FL 32809
(407) 929-1684
npgfs1@gmail.com chrislopez@npglife.us

Estate Read Time: 3 min

Critical Estate Documents

Financial Documents

 Joint OwnershipDurable Power of AttorneyLiving Trust
What does it do?Enables you to own property jointly with another personAuthorizes someone to handle legal and financial decisions if you become incapacitatedHolds your belongings until your death
Can it authorize someone to handle your financial affairs if you are unable to communicate?Generally, nocheckGenerally, no
Can it specify how you want your belongings transferred after your death?check
But only those belongings owned jointly
Generally, nocheck
Is it private?checkcheckcheck
When does it go into effect?As soon as joint ownership is recordedEither immediately or upon a specific trigger event (such as your incapacity)When the document is signed and the trust is funded
Does it require court involvement?NoNoNo

Health Care Documents

 Living WillPower of AttorneyPower of Attorney for Health Care
What does it do?Provides specific instructions about medical care and artificial life supportAuthorizes someone to handle legal and financial decisions on your behalfAuthorizes someone to make health care decisions on your behalf
Can it outline your medical wishes if you are unable to communicate?checkGenerally, noGenerally, no, but it does authorize someone to make medical decisions on your behalf
Can it authorize someone to handle your financial affairs if you are unable to communicate?Generally, nocheckGenerally, no
DurationNo expiration; can be revised or revoked at any timeDepends on specifics in the document; can be revised or revoked at any timeDepends on specifics in the document; can be revoked or revised at any time
Is it private?checkcheckcheck
When does it go into effect?Upon your incapacityEither immediately or upon a specific trigger event (such as your incapacity)Either immediately or upon a specific trigger event (such as your incapacity)

Note: Power of attorney laws can vary from state to state. An estate strategy that includes trusts may involve a complex web of tax rules and regulations. Consider working with a knowledgeable estate management professional before implementing such strategies.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

When Couples Know TV Over Finances

When Couples Know TV Over Finances

Bonding with your significant other over TV plots is fun but when you know more about them than your money picture.....

The Lowdown on Those Free Credit Scores

The Lowdown on Those Free Credit Scores

What’s the deal with your yearly free credit report?

How to Cut Your Expenses

How to Cut Your Expenses

Living with confidence means living within your means. managers.

 

Have A Question About This Topic?







Thank you! Oops!

Assess Life Insurance Needs

How to help determine life insurance needs to provide for your family after you pass away.

4 Things to Consider While You’re Planning When to Retire

As the decision to retire approaches, you’ll find the choice of when to retire is rarely black and white.

Tax-Advantaged Health Care Planning for Retirement

Heading into retirement with confidence is easier if your planning includes steps to minimize taxes, especially as it relates to health care planning.

View all articles

Taxable vs. Tax-Deferred Savings

Use this calculator to compare the future value of investments with different tax consequences.

Paying Off a Credit Card

Enter various payment options and determine how long it may take to pay off a credit card.

Comparing Mortgage Terms

Estimate the total cost in today's dollars of various mortgage alternatives.

View all calculators

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

View all presentations

Retirement Redefined

Around the country, attitudes about retirement are shifting.

Coaches

Coaches have helped you your whole life, in ways big and small. We’d like to be one of them.

Charitable Giving: Smart from the Heart

Do you have causes that you want to support with donations?

View all videos