This is the Time to Update Important Documents

Foodman CPAs & Advisors
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By unexpectedly raising apprehensions regarding mortality and quality of life issues that many Individuals were not addressing prior to the pandemic, the Covid-19 pandemic is provoking  individuals to think about their personal financial planning. Individuals may be considering estate planning choices as well as trying to answer questions concerning who will oversee their medical care and finances if they become ill and incapacitated. As a result, Individuals are realizing that this is an opportunity to create, review or update important documents. 

What are the Important documents?

  • Will:  This document directs the disposition of an Individual’s assets after death and may appoint guardians for minor children. If an individual dies without a will, the Individual’s state laws decide the disposition of the Individual’s assets and other property.
  • Living Will:  This document provides for  an Individual’s health care wishes (religious considerations during medical care and instructions on end-of-life care).
  • Durable power of attorney for financial matters:  This document names an agent to handle legal matters related to an Individual’s finances, and taxes.
  • Health care durable power of attorney: Also known as a Health care proxy, this document  authorizes another person to make health care decisions for an Individual if that Individual is incapacitated in some way (in a coma) but still alive.
  • Beneficiary designations for assets: Including retirement accounts and life insurance.
  • HIPAA authorization: The Federal Health Insurance Affordability and Accountability Act sets the privacy rules for patient records.  A HIPPA authorization permits another person to talk with medical providers about a patient’s medical history and treatment.

Consult with your CPA Financial Planner

Individuals ought to ensure that important documents are in place regardless of their age or financial condition.  A CPA Financial Planner can assist Individuals plan for the possibility that they may not be able to make their own decision.  Planning for this scenario is an added protection for an Individual’s family and loved ones as well as the responsible thing to do. 

A CPA Financial Planner offers tax, retirement, estate, risk management and investment planning services and it is often the “go to trusted advisor”.

Consult now.

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