One of Kelly Phillips Erb’s recent Taxgirl columns in Forbes addressed the ongoing questions, issues and conflicts that have accompanied major changes in America’s healthcare laws. Though Ms. Erb covers topics relating to taxes, tax credits and the like, my bailiwick is estate planning law. Healthcare? What’s the connection? Well, it’s a very logical one, so read on.
Many people are blessed with excellent health. Others are by necessity excellent consumers of health care, meaning they require more services from the wellness and/or medical, science, and insurance arenas. Many of us are responsible for our own well-being and make most, or all, decisions ourselves. But what if we become too ill to care for ourselves? What if we cannot make our own decisions regarding everyday living and ongoing or emergency healthcare?
Now we are firmly in estate planning territory – and among the most important elements of any estate plan are advance healthcare directives and the power of attorney for healthcare. Advance directives, including DNR and POLST documents, are legally sanctioned instructions that lay out your wishes for the kind of medical care you want or don’t want, in certain critical situations when decisions must be made. The power of attorney for healthcare designates the person you choose to act on your behalf and make decisions in matters concerning your medical care and day-to-day well-being, generally speaking. These are brief descriptions, but I cannot say enough about the need to have these directives drawn up and in place…just in case.
Ms. Erb reminds us that laws governing things like taxes and healthcare costs are constantly changing. Our own health and the circumstances of our daily lives are also constantly changing. Again, having your advance directives and power(s) of attorney in place is an excellent way to be prepared for whatever changes may come your way.
For assistance with estate planning matters such as advance directives, power of attorney designations, wills, trusts, and more, please feel free to contact me at your convenience. Let’s set up a time to talk about your questions, concerns, and your personal estate planning needs. To get started, just call 818.956.9200.
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