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The different kinds of power of attorney

 Posted on February 28, 2022 in Uncategorized

Are you confused with the term power of attorney? Did you know there are even different types of powers of attorney? The good news is there is nothing too difficult to understand or comprehend when it comes to what a power of attorney does.

A power of attorney is when you appoint another person known as an “attorney-in-fact” or “agent” to have legal authority to be in control of your affairs if you happen to become incapacitated. The person who appoints the agent is called the “principal.” The principal can decide on how much powers the agent will have. An agent may only be given the authority to make a decision on just one issue or they can handle a wide range of the principal’s financial or health matters.

Non-durable power of attorney

A non-durable power of attorney is usually used for only a set amount of time to achieve a specific legal or financial transaction. This may be set up to allow an agent to take the place of the principal when a signature is required on a legal document and the principal is unable to physically be present. At the conclusion of the transaction, the agent’s duties will cease.

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How a CPA can shape the future of your estate

 Posted on February 28, 2022 in Uncategorized

When planning your estate’s future, you might require assistance to ensure the longevity of your property. You can hire different people who specialize in aspects of estate planning you may have difficulty understanding. You could hire financial advisers to aid you in planning investments or estate planning attorneys to help you any legal issues within your will.

An important role to consider when assembling your team is a certified public accountant (CPA). These detail-oriented workers can use their financial insight to prepare your estate for a wide assortment of events that could happen in your lifetime. Here are a few areas they can help you in:

They help you with taxes.

Taxes are one of the most unpredictable areas of real estate. You know they will come with the property, but it is difficult to count how much they will cost you. Not only that, but taxes change annually, adding to the complexity.

CPAs are professionals that deal with intricate tax laws on a daily basis. No matter the conditions, they have an extensive knowledge of the subject that you can use to minimize your taxes and improve the worth of your assets. No matter how old you are, it is imperative to start making a plan to protect your estate from future rates of taxation and inflation. Doing so will eliminate several problems for whoever inherits your estate.

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Do you have a will or a trust?

 Posted on February 28, 2022 in Uncategorized

How should wealth be distributed among family? Which is the best path to take? It is a simple question with a complicated answer.

Do you know the difference between wills and trusts? Do you know whether you need one or the other, or both?

What is a will?

A will is a physical document that designates to whom you wish to receive your assets and take care of your minor children after you are gone. They usually contain two important elements – a description of your assets and a passage naming who will receive them. You can include special instructions in your will, such as how to split your assets between loved ones and favorite charities.

Other issues you should know about your will include:

  • A will is subject to probate, and the process must start within four years of the creator’s death.
  • A will is public. The public can see the details of your family’s assets and final wishes.
  • A will must be signed with two witnesses who are not named beneficiaries in your will.

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