In our recent blog post, we discussed how some individuals use gifts to pay down an estate's value so that their loved ones aren't burdened with tax debt after you pass away. This is only one factor that matters when you are creating an estate plan. We know that you have a lot on your plate already since you are trying to run a business. We can't take all the work off your shoulders but we can do our part to try to make your estate planning process a little easier.
As you are creating your estate plan, you might want to focus on the transfer of assets. There are more components to your plan than just the will and trusts. One important thing to plan for is your medical care. You might not be mentally able to make decisions as your health declines. In order to make sure that your wishes are considered during this time, you need to get a power of attorney for health care appointed, as well as getting a living will created.
The living will is a written document that outlines what types of medical care you want and don't want. You should cover major points like life support, blood products and intravenous nutrition. Anything that you feel strongly about one way or the other should be in this document.
The person who you give the power of attorney for health care to should also be familiar with your wishes. This person should be able to make decisions on your behalf and must be willing to stand up for what you would want. These documents might not help your loved ones after your death, but they might make your final days a bit easier for them.