Estate Planning Advisor The Documents That Every 18-year-old (Or Any - PDF document

miller nash graham & dunn llp | Fall 2016 brought to you by the trusts & estates practice team Estate Planning Advisor The Documents That Every 18-year-old (Or Any Adult, For That Matter!) Should Have In Place legal authority to manage his finances. It can be difficult to think about by June Wiyrick Flores This can be a time-consuming and your children’s being in an accident or june.wiyrickflores@millernash.com costly process. With a durable financial having a health issue that makes them 503.205.2408 power of attorney, the court process legally incapacitated. But many of our can be avoided. The power of attorney clients have needed these documents As your “adult” children are sometimes requires a doctor’s letter to help their young adult children in heading off to college or your young stating that your son is incapacitated. many situations—including during adult children are graduating from international travel. Without these college, in addition to all the paperwork A durable healthcare power of documents in place, it can be more that they (and you!) are filling out, they attorney allows you to appoint a person difficult for parents to help their sons should be signing some estate planning to make healthcare decisions for you and daughters. It is like insurance: you documents that plan for incapacity. if you cannot communicate with your hope you never have to use it, but it is Once your children reach age 18, you no doctors. The agent can consent to there if you need it. longer have any legal authority to make treatments for you or make decisions financial and healthcare decisions for on where a person who does not them (in some cases this occurs at age have capacity lives. Oregon’s form of 15)—even though you are providing for healthcare power of attorney is called them financially. There are three basic an “advance directive.” It has two documents that every adult should have: purposes: to appoint someone to make inside this issue a durable financial power of attorney, healthcare decisions and to provide a healthcare power of attorney (or the instruction on tube feeding and life 2 The Three Keys to Successful person’s state’s version of that form), support. Your young adult may find Business Succession Planning and a HIPAA waiver. it difficult to provide instruction on 3 Cross-Border Estate Planning tube feeding and life support. But the for Canadians Residing in the A durable financial power of United States advance directive should still be signed attorney allows you to appoint a person to appoint a healthcare representative. 4 The Basics of Charitable to manage your financial affairs if you Remainder Trusts—Part become incapacitated. If your 18-year- The other document that should Two old son is in an accident and needs be signed is a HIPAA waiver, which temporary help managing his financial authorizes healthcare providers to affairs because he is incapacitated, you release medical information to a do not have the legal right to take any person named in the financial power actions on his behalf. You would have of attorney or the healthcare power of to petition the court to be appointed attorney. by a judge as the person who has the millernash.com

The Three Keys to Successful Business Succession Planning • Do you know how to structure a sale of other business owners in similar or transfer to a family member or situations. An experienced adviser can key employees to reap the greatest help a business owner develop a plan by William S. Manne benefit? that makes the most of the transition bill.manne@millernash.com and help avoid costly mistakes. • Do you have contingency plans to 503.205.2584 enable your business to continue Put It in Writing As baby boomers approach and provide for your family if you As with any other business plan or retirement age, the question begs to be are unable to do so yourself? deal, a succession plan needs to be put in asked: What happens to the businesses Once you know the answers to those writing to ensure that it is carried out they own and operate? Studies suggest as desired. The plan should include that as many as two-thirds of all small “The tried-and-true techniques specific recommendations for the and midsize businesses are owned sale or transfer of the business, such by boomers who plan to exit their that brought you business as the desired buyer or receiver of companies within the next decade. success — such as learning from the business, as well as the desired Yet fewer than one in five is prepared mistakes, developing a strategy structure of the transaction. Ensure and has a written succession or exit that your exit plan includes a checklist plan. While retirement typically is based on experience, and that provides a step-by-step plan of the impetus for a business owner’s simple trial and error — do not action to assist with implementation exit, other unforeseen events or apply when developing an exit and monitoring. To keep your plan circumstances — such as an illness strategy. ” on course, the checklist should detail or an accident — could precipitate a each action that must be taken, the departure. In any instance, a business individual or entity responsible, and owner generally wants to maximize a due date for the action item. Owning the organization’s value, minimize this questions — or at least to most of them — and operating a business requires a tax burden, and contain risk. Three you’re well on your way to making a significant investment of time and important steps can help accomplish successful exit. If you’re having trouble energy. Protect the investment, and that. coming up with the answers, however, take the necessary steps to optimize you could find yourself making a hasty Start Early your exit and leave the business — and exit without gaining the maximum its continuation — on your own terms. A succession plan should ideally be value from your years of dedication. a part of a business plan. If it’s not, then A version of this article was a plan should be in place no fewer than Consult an Adviser previously published by The Daily three to five years before a planned exit Journal of Commerce . The tried-and-true techniques that from the business. Begin by considering brought you business success — such a series of questions about future needs as learning from mistakes, developing and desires, including: a strategy based on experience, and • When do you want to exit? simple trial and error — do not apply when developing an exit strategy. You’ll • How much money will you need to sell or transfer your business only once, exit? so it’s important to make the most of • To whom do you want to transfer the opportunity. That’s why you should the business? consider consulting an adviser who • How much is your business really specializes in business succession worth today? planning. Advisers have the experience that others don’t; they draw on what • Do you have a strategy to increase they have seen and learned while the value of your business between observing the failures and successes now and your target exit date? Estate Planning Advisor | miller nash graham & dunn llp | 2