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| 11271 Ventura Blvd. |
| Suite 473 |
| Studio City, CA 91604 |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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| Warner Center Towers |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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| Watt Plaza |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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| Fashion Island |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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Powers of Attorney
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There are many different types of powers of attorney, for various situations, so powers of attorney are extremely useful estate planning tools.
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A power of attorney is a legal document in which a person (a principal) designates and authorizes another person (an agent or an attorney-in-fact) to transact business or make certain decisions on their behalf. Powers of attorney can grant broad, general authority (known as a general power of attorney) or they can limit the authority they grant (known as a special power of attorney).
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Durable Powers of Attorney
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In general, the authority granted under a power of attorney terminates upon the death or incapacity of the principal. However, a durable power of attorney remains in effect or becomes effective when the principal becomes incapacitated. Generally durable powers of attorney are used for individuals to make arrangements for someone to manage their financial, medical, or other affairs, upon their incapacitation.
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Powers of Attorney for Medical Care
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A power of attorney for healthcare (also called a medical directive, an advance directive, a physician's directive, a written directive, or a durable power of attorney for healthcare) allows a person to grant another person the authority to make healthcare decisions on his or her behalf while he or she is unconscious or if he or she becomes mentally incompetent or otherwise incapacitated. A health care proxy (also called a proxy directive) is a legal document by which a person designates another person to make healthcare decisions regardless of his or her incapacity.
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Another estate planning tool authorized by law in many jurisdictions is a living will. A living will (also called a declaration of a desire for a natural death or a directive to physicians) allows a person who is unconscious or incapacitated to express his or her desires regarding the use of extraordinary measures to extend his or her life when there is no reasonable expectation that he or she will regain consciousness or recover.
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Powers of Attorney for Financial or Property Transactions
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A power of attorney can also be used by a person to grant another person the authority to manage his or her finances, buy or sell property, file tax returns, or handle other legal transactions on his or her behalf. However, there are a few powers that a person may not typically delegate to his or her agent. For example, a person may not legally authorize his or her agent to prepare a will, vote, or seek a divorce on his or her behalf.
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Comprehensive estate planning typically includes documents to protect the interests of an individual during their lifetime. Such documetns also ensure that their wishes will be carried out in the event of incapacitation or after their death.
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If you are ready to plan your estate, contact us at 877-479-7970, or e-mail us at info@law-thomas.com, to arrange for a confidential complimentary consultation.
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Q: What is a will?
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A: A will is a written legal document with instructions for distributing an individual's assets after his or her death. A will must be formally executed as required by state law to be legally valid and enforceable.
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Q: How can a person change his or her will?
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A: A will is typically valid and effective until it is revoked, destroyed, or invalidated by writing a new will. Alterations to an existing will, such as crossing out language or adding a new provision, do not usually meet the legal requirements for executing a valid will and do not affect the terms of an existing will; however, changes or additions to an existing will can be made by codicil. A codicil is a document executed in compliance with applicable state law that modifies an existing will or codicil.
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 How Much Estate Tax Will You Pay?
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This estate tax calculator adds up many different types of assets to get an estimated estate tax figure for your current estate.
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Social Security Administration Retirement Planner
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The federal Social Security Administration provides retirement planning and disability benefit information from this Web site.
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