LIVING TRUSTS
Inter-Vivo trusts can also protect assets and take advantage of tax benefits but are not conditional on the settlor's demise. This kind of trust makes use of the potential of trust to transfer asset ownership to others.
This type's trust may also be highly customizable and useful for splitting income and freezing assets.
POWER OF ATTORNEY
It is a legal agreement that assigns a specific individual to "step into your shoes" if you cannot make decisions and make them on your behalf.
We recommend you have a Property Power of Attorney (assets) and a separate Personal Care Power of Attorney.
The entity which is best suited to be your Power of Attorney for Property is often not the same individual who is suitable to make your health care decisions. We will give you a better understanding of the difference in such forms and help you make an informed decision.
LIVING WILL
Living Will is not the same as Personal Care Power of Attorney. A Power of Attorney for Personal Care is a legal agreement in which you designate a particular individual to decide on your behalf concerning personal care. Actions on many aspects, such as health care, medical treatment, diet, housing, clothing, hygiene, and security, would be included in personal care.
