Are your powers in place?

Article Abstract:

Durable powers of attorney for financial management as well as for health care are essential to avoid guardianship and ensure asset protection, continuity of financial affairs management and privacy of the individual involved and his family. A durable power of attorney certifies the appointment of an agent- or attorney-in-fact to decide on a person's behalf in the event of incapacity. Estate planners must explain the nature and effect of the durable power to clients thoroughly in view of the vast powers and responsibilities involved and the consequent potential for abuse.

Financial Planning, Analysis, Column, Durable power of attorney

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Ease estate tax burden with effective planning

Article Abstract:

The transfer tax system in the US makes it very difficult to avoid large tax payments after the death of a large shareholder of a family business. The US economy produces 40% of its gross national product through small businesses and 50% of all workers in the private sector work for family-owned businesses, but taxes keep most of these from surviving two generations. Estate planning can not eliminate these taxes, but it can help plan for them. Some methods of paying off taxes, such as liquidation of assets and life insurance, are described.

Commercial Banks, Trust, Fiduciary, and Custody Activities, Estate & Tax Planning, Methods, Planning, Taxation, Tax planning, Estate planning, Estate tax, Estate taxes, Family-owned business enterprises, Family-owned businesses

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