WHO WILL HANDLE YOUR FINANCIAL/BUSINESS AFFAIRS WHEN YOU CAN NOT:
This is an issue that everyone should address, especially business owners who do not have family members involved or interested in the business. What happens when you can not handle your financial affairs or run your business for a period of time due to an extended illness? Whether you are young or old, planning now for possible future incapacity is important because YOUR assets are at risk.
WHAT ARE YOUR OPTIONS
If you do not have a Power of Attorney, it is wise to have one. This Durable Power of Attorney, as it is often called, authorizes someone to act on your behalf. For someone without a business or with a simple estate, this document may adequately cover you for any period of incapacity. For those with businesses or complex estates, there are other alternatives to consider.
One such alternative might be a revocable trust. Among other uses, it can provide for the management of trust assets in case of incapacity.
Your business could be placed in the trust and you can be both the trustee and beneficiary. You make the decisions about trust assets and you would be responsible for the income tax on any earnings of trust assets. Life goes on, pretty much as before, with only the title of the assets being in the trust. You would name a successor trustee for special cases as defined by the trust, ie. incapacity. This would be a person of your choice who would be under a legal duty to protect your assets. It avoids potential conflict among family members and any possible court involvement.
It is best for you to plan now and not leave to others, who are unfamiliar with your business, to plan for you. Call 215-321-4033 with questions and to learn more about estate planning.
Estate Planning Law Office of
Yvette E. Taylor-Hachoose1234 River Road Washington Crossing, PA 18977 http://www.ythlaw.com/
Posted on Wed, Aug 20, 2008
Yardley News
No comments:
Post a Comment