Estate Planning for Those Approaching Life's End

If you (or a loved one) are entering hospice or close to life's end, you may need to act quickly to prevent unnecessary legal, tax costs on your estate. Planning is also critical to provide peace of mind for both you and your family. Here are some of the key concerns to consider. Immediately effective durable powers of attorney for financial matters are needed to be sure that the plan can be implemented without the necessity of obtaining a doctor's letter later. The person handling your financial affairs under a power of attorney is called your attorney in fact. If you trust your attorney in fact to handle your affairs if you are incapacitated, then you should be confident in their actions while you are competent. Note that you can monitor your attorney in fact if you are competent. On the other hand, you cannot monitor them if you are incapacitated.

Read more: http://www.nasdaq.com/article/6-estate-planning-tips-for-those-approaching-death-cm655448