Life Planning Guide, 2017

lifeplanning GUIDE 2017

Understanding life insurance • Merging finances Financial tips • Preplanning your funeral • and more A publication of the Lewiston Tribune & Moscow-Pullman Daily News

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College saving suggestions MetroCreative

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the price changes of other expenses. For example, while the cumulative price change of housing rose 143 percent during that period, the cost of college tuition rose 722 percent over the same period. The earlier parents start saving for college, the more they can take advantage of compound interest that many college savings plans offer.

he cost of college tuition concerns parents from all walks of life. While college continues to get more expensive, it remains a worthy investment.

In its 2015-16 ‘College Planning Essentials report, J.P. Morgan Asset Management dispelled the growing notion that a college education is not worth the student loan debt many young adults assume to earn their degrees.

The report noted that college graduates earn 38 percent more than high school graduates, even after factoring in student loans.

The report also noted that the return on investing in college is nearly $1 million more in lifetime earnings. What’s more, a 2013 report from the Georgetown University Center on Education and Workforce projected a shortage of five million collegeeducated workers by 2020, suggesting that college graduates will be in high demand by the start of the next decade.

While such figures highlight the importance of a college education, they may do little to ease parents’ concerns about how to finance that education. While saving enough money for college may seem impossible, parents can take steps to decrease the likelihood that their kids will need to take on substantial loans to support their education. · Start early. The earlier parents start saving for college, the more money their children will have to finance their education.

Parents may not realize just how much college tuition is rising compared to other expenses. According to the U.S. Bureau of Labor Statistics Consumer Price Index, the cumulative percent price change of college tuition between 1983 and 2015 dwarfed

· Schedule automatic monthly contributions to college savings accounts.

Parents learn to expect the unexpected soon after their children are born. Unforeseen expenses may tempt parents to reduce or skip their monthly college savings account contributions. Reduced or missed contributions can add up over time, however, potentially reducing the totals in your child’s account by a substantial amount.

Set up automatic contributions with your bank or portfolio manager so you are not tempted to use the money you set aside each month for college to finance other expenses. · Increase contributions each year. Increasing your annual college savings contributions each year can help the accounts keep pace with the inflation rate of college tuition costs. While you might not match that rate, increasing contributions each year by as little as 5 percent won’t greatly affect your overall budget but can have a considerable impact on college savings.

Saving for college can seem like a daunting task. Yet parents of young children can quell their fears about college tuition costs by making a plan now and sticking to it until kids are ready to enroll in a college or university.

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Dos and don’ts of donating to charity MetroCreative

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onating gently used household items, toys, furniture, and clothing to charity has many benefits. Such donations can help the less fortunate, while donors can take advantage of tax benefits while decluttering their homes.

Organizations that collect donations put them to use in many different ways. A portion of donated items may be sold in charity shops and other retail centers. This provides an avenue for less fortunate individuals to purchase items. Some clothing donations are sold to recycling manufacturers who turn them into rags or industrial cleaning materials. Donated clothing and other items may even end up in the hands of private enterprises, who then sell it in developing nations at costs lower than regularly imported clothing, providing an affordable way for people living in poverty overseas to purchase items for themselves and their families. The organizations then put the money made from such sales toward their operational expenses and to develop programs to continue to help the less fortunate.

Individuals who choose to donate goods to charity can follow a few tips to ensure their donations go as smoothly as possible.

DO walk around the house and gather items that are no longer being used. Pay special attention to materials that you haven’t

used in months or years.

DON’T donate just anything. Ensure that items are in working condition and are in good repair. Don’t give away things with rips or stains.

DO call first to find out any rules or restrictions regarding donations. Some groups won’t accept items that have been recalled or do not meet current safety standards. Specialty items like computers, vehicles or mattresses may have specific requirements for donations.

DON’T overlook the idea of selling items privately at a garage or yard sale and then donating the funds to the charity. This way the organizations save time sorting and refurbishing donations, and they still benefit from the financial donations.

DO see if the charity will pick up large items. Many organizations have their own fleet of vans and trucks and will have specific pickup windows during certain months. This helps make the donation process more efficient.

DON’T forget to receive a market value of the used items donated to the charity and a receipt. This will help you when it comes time to claim charitable donations during tax season.

You know the difference between a financial advisor and a salesman.

So do we.

When it comes to your investments, you need solid guidance. But how can you be sure your financial advisor isn’t thinking about a commission instead of your future? The key is to find a professional who collaborates with you to set your objectives, and who has the tools and motivation to consider the possible options.

As Morgan Stanley Financial Advisors, we don’t represent products, we represent our clients.

The Clearwater Group at Morgan Stanley 518 Diagonal St Clarkston, WA 99403 (509) 295-5175 eric.justis@morganstanley.com www.morganstanleyfa.com/clearwatergroup Timothy Lynch, CFA© Sr. Portfolio Mgmt Director Sr. Vice President Financial Advisor

Kenneth Maestas Vice President Portfolio Management Director Financial Planning Specialist Financial Advisor

Eric Justis Financial Advisor

Parent Complex Address: 500 108th Ave NE, Ste 1900, Bellevue, WA 98004 The appropriateness of a particular investment strategy will depend on an investor’s individual circumstances and objectives. ©2017 Morgan Stanley Smith Barney LLC. Member SIPC. CRC1689476 01/17 495907A2_17

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money into your savings/retirement accounts, then you can spend any leftover money on nights out on the town or new clothes if you feel the need.

• Buy only what you can afford. It sounds simple, but many adults would have far more in their retirement accounts if they simply avoided buying items they cannot afford. According to a 2015 Harris Poll conducted on behalf of NerdWallet, the average credit card debt per indebted American household in 2015 was $15,762.07. Adults who want to get their finances in order and start saving more for retirement should put the plastic away and only make purchases with cash or debit cards that take money directly out of their bank accounts once the card is swiped.

• Downsize. Downsizing is another way to free up more money for retirement savings. Empty nesters can save money by downsizing to a smaller home or even an apartment. Drivers who no longer need room for the whole family can downsize from SUVs or minivans to smaller, more fuel-efficient vehicles. Adults also may be able to downsize their entertainment, switching from costly cable packages to basic plans or cutting the cord entirely and subscribing to more affordable streaming services.

Getting a grip on spending can help adults save more for retirement and ensure their golden years are not compromised by lack of funds.

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Understanding life insurance MetroCreative

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ife insurance is a product few people want to think about.

That’s perfectly understandable, as life insurance forces men and women to consider their own mortality. But life insurance is not something adults should avoid, especially if they have dependents.

from various providers rather than just the ones offered by the firm company-affiliated agents work for.

Choosing coverage

Many people should consider life insurance when estate planning so they can provide security for their loved ones. But life insurance is a purchase unlike any other, and people may be confused or intimidated when attempting to purchase life insurance policies.

Deciding if you need coverage While life insurance seems like the kind of thing every person should have, that’s not necessarily the case.

For example, single men and women with no dependents and no tax or debt concerns generally do not need life insurance. If you are single but have tax issues or a considerable amount of debt, then a life insurance policy can be used to pay those debts upon your death. Adults with dependents, such as a spouse and/or children, should consider purchasing life insurance, which can help your surviving dependents maintain their quality of life and pay their bills in the wake of your death.

Buying life insurance Much like various other types of insurance, life insurance can be purchased from an insurance agent or via an insurance company’s website. When choosing a company from which to buy a life insurance policy, look for a company with a strong rating, as no one wants to end up being burned by a life insurance provider who goes out of business. Some people prefer to work with independent brokers who can share information about products

When choosing coverage, you will no doubt be asked if you prefer term insurance or permanent insurance. Term insurance is the least expensive life insurance, and such policies only last for a predetermined number of years. Men and women may purchase life insurance policies if they only want life insurance until they retire or until their children reach adulthood. Permanent insurance is more expensive and will last from the moment you purchase the policy until your death. Many people choose permanent life insurance policies so the money their beneficiaries receive upon their death can be used to pay estate taxes. In addition, there is an investment component to permanent insurance policies, as a portion of the premiums on such policies is invested (policies will spell out how the money is invested) and allowed to grow tax-free so long as the policy is open. Term insurance only provides protection with no investments.

When choosing how much coverage to purchase, it’s easy to go overboard and aim for as much as possible. However, many financial advisors suggest purchasing enough coverage to pay for funeral costs and a level of income replacement you can comfortably afford. If your spouse does not work, you should consider purchasing enough coverage so he or she can afford to pay the family’s day-to-day cost of living expenses.

Life insurance merits serious consideration, and adults should do their homework and fully understand a policy before signing any contracts.

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Options for long-term care MetroCreative

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ging has its side effects, as it’s inevitable that individuals’ bodies and minds will change as they approach their golden years.

Illnesses, disabilities and other conditions may speed up the changes in certain individuals.

While many seniors continue to live independently well into their golden years, some require long-term care. The decision to move an elderly relative into a long-term care facility can be difficult. In addition to the emotional effects of such a decision, families must deal with the financial repercussions.

Long-term care services can be costly, and many general healthcare insurance plans do not cover long-term care. The U.S. Department of Health and Human Services offers that an assisted living facility may cost roughly $3,300 per month for a one-bedroom unit, while a nursing home may cost between $6,200 and $6,900. Seniors or families who have enough income and savings may be able to pay for long-term care services without assistance. But those who cannot afford to do so may need to utilize different programs or resources to pay for longterm care.

• Long-term care insurance: According to WebMD, commercial insurers offer private policies referred to as long-term care insurance.

These policies may cover services such as care at home, adult day care, assisted living facilities, and nursing homes. However, plans vary widely.

In addition, the cost for care and eligibility requirements may change as a person ages, so it’s best to purchase this insurance while young and relatively healthy.

Medicaid is another option that pays for health services and long-term care for low-income people of any age. First, applicants must determine their eligibility for Medicaid. Medicaid is typically only available after most personal assets have been depleted. Even with Medicaid, a resident of a long-term care facility may need to pay a portion of the care out of pocket. What’s more, as part of the application for Medicaid, a look back at assets is required to deter gifting assets in order to qualify.

Paying for long-term care requires planning well in advance of when such services may be needed.

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• Government assistance: Government health programs may pay for a portion of certain care but not all of the services offered by long-term care facilities. For example, the Canadian Life and Health Insurance Association says government health care programs may cover only a small percentage of the costs for nursing homes or other specialized residential care facilities, or perhaps none at all depending on the circumstances. In the United States, Medicare is the Federal health insurance program for people age 65 and older and for some people younger than 65 who are disabled. Medicare generally does not pay for long-term help with daily activities. Medicare pays for very limited skilled nursing home care after a hospital stay, but not for many assisted living facilities.

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Helping a loved one adapt to MetroCreative

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any older men and women find the transition to a nursing home somewhat difficult. Men and women tend to see a move to a nursing home as a step toward surrendering their independence, and this can be a difficult hurdle for seniors and their loved ones to overcome.

Adding to the difficulty is the fact that many men and women move into nursing homes because their physical or mental status requires the help of a professional nursing staff, leaving family members with little to no recourse when aging relatives protest the move. But there are ways to ease a loved one’s transition into a nursing home.

• Keep a positive attitude. The stress of moving an aging relative into a nursing home can be significant for all parties involved. But focusing on the positives of nursing homes, such as around-the-clock care and daily activities, can help aging relatives look at nursing homes in a new light. In addition, family members who familiarize themselves with nursing homes will begin to see they are often great places for aging men and women to socialize with others their age while receiving the care and attention they need. When discussing the move to a nursing home, focus on these positives and your relative will be

more likely to follow your lead.

• Choose a nursing home that’s close to home. One of the more difficult parts of transitioning to a nursing home is the notion that men and women are leaving their lives behind once they move into a home. Choosing a nursing home that’s close to home and makes routine visits from friends and relatives possible enables men and women maintain a connection to their current lifestyle. A home that is miles and miles away from a person’s support system can foster feelings of isolation and loneliness.

• Encourage your loved ones to take some personal items with them. When moving into a nursing home, men and women must leave behind many of their possessions. This is a simple space issue, as the rooms in a typical nursing home cannot accommodate a life’s worth of keepsakes and possessions. But that doesn’t mean men and women have to leave everything behind. Encourage your loved one to bring along some possessions, such as his or her family photos, a favorite chair or smaller mementos from places he or she visited throughout his or her life. Such items can make a nursing home seem less antiseptic and more like a home.

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a nursing home • Plan trips with your loved one. Just because an aging relative lives in a nursing home does not mean he or she can no longer travel. If a relative is healthy enough to travel, include them on family trips and outings. This includes more routine events like weekly Sunday dinners, kids’ sporting events and other extracurricular activities. The more involved your aging relative are in the daily life of your family, the more likely they are to see the advantages of living in a nursing home.

• Set up an e-mail account for your loved one. If your loved one still has his or her mental health, then set him or her up with an e-mail account. This allows your loved one to maintain daily contact with family and friends.

Many of today’s nursing homes provide facilities where residents can access the Internet. If not, speak to the staff and ask if your relative can bring his or her own computer. If your relative will be able to routinely access the Internet, consider purchasing a digital subscription to the local newspaper so he or she can further maintain a connection to the community.

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Easy financial tips MetroCreative

oney is something that individuals usually need more of but frequently find in short supply.

People worry about money a lot. According to the YouGov poll for the Institute of Financial Planning and National Savings and Investments in Great Britain, nearly two-thirds of respondents worried about their finances, with 43 percent saying they worried about money more often than not. Things aren’t much different in the United States, where a recent survey from Lincoln Financial Group showed that 53 percent of respondents worried about having enough money for retirement.

Taking charge of personal finances may seem like a difficult undertaking, but you don’t have to make drastic lifestyle changes to grow your savings.

Try these tips to save more and live a more financially-conscious life.

• Keep financial records. It’s hard to determine your financial standing if you do not prioritize record-keeping.

Find a method that you can stick with consistently. Some people prefer old-fashioned bookkeeping with pen and paper, while others may like the convenience of software and mobile apps. Having financial matters clearly visible in black and white can show a clear picture of how much money is coming in and how much is being spent.

so you don’t have to worry about accruing late fees for missed payments. Check with your bank or credit union about these types of services.

• Put a change jar in your house. Change might not be popular, but it is money. Having a jar or bucket in a location of the house where you set your wallet or purse may encourage you to save that loose change for something larger. Place loose change in the jar and watch it add up. Some banks have coin-counting machines, which can make it even easier to cash in your change.

• Sign up for shop-and-earn programs. Everyone from credit card companies to major retailers offer incentives to repeat customers. These include cash-back or other perks for a percentage of the money spent on purchases. These programs equate to built-in discounts and can help you squirrel away even more money without making a conscious effort.

• Consider investing. Investing can put your money to work in exchange for a return. There are many different types of investments available. If you are an investing novice, work with a financial planner or broker who can help you find a level of risk you are comfortable with.

• Explore auto-withdrawal and deposit. Many financial institutions offer several services to customers that can make banking and money management easier. You can set up a savings account and have money automatically deducted from your paycheck and deposited into this account. Even small deposits add up over time. You also can arrange for automatic bill pay

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• Pay off debt. The earlier you can get rid of outstanding debt, the better. Put money toward high-interest loans and credit cards so you aren’t paying so much in costly interest charges. Afterward, you can start saving in earnest.

Learning to take charge of personal finances early on can set you on a course for financial stability throughout your life.

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Merging finances after marriage MetroCreative

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ouples can spend months or even years planning their weddings. While planning a wedding requires lots of hard work, couples may also want to give some thought to life beyond their wedding day.

One of the more important matters couples must consider is how to manage their finances once they tie the knot. Discussing money can be a tricky issue, particularly when couples have long been accustomed to handling their own accounts and being responsible for their own income and expenditures.

Bringing another party into the equation can complicate matters, particularly when one spouse may not have the full picture of the other’s spending and saving habits. In fact, the financial resource Bankrate.com says some of the most common financial problems newly married couples encounter include overspending and managing debt.

When deciding how to merge their finances, couples can experiment to see what works best for them. It may take some trial and error before couples find a solution that works for them, but it’s important that couples keep the lines of communication

Did You Know?

open and express a willingness to compromise with regard to managing money. The following are some additional tips for couples who want to make the transition to sharing finances go as smoothly as possible.

Start the conversation early According to a recent poll by the National Foundation for Credit Counseling, more than two-thirds of engaged couples had negative attitudes about discussing money with their soon-tobe spouses, with 5 percent saying even having the conversation would cause them to call off the wedding. If money is causing this type of issue before the wedding, delaying the conversation until after tying the knot can be a big mistake. It’s better for couples to begin financial discussions and start brainstorming long-term goals and plans as soon as they get engaged. Don’t hide negative financial information from a prospective spouse.

Being open and honest and even though it can be challenging and is the best way to proceed.

Deal with debt Hiding debt is a big mistake. Discuss debt early on and come

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up with a way to pay it off together. The experts say, like it or not, once you’re married, your spouse’s debts become your problem. His or her credit score can impact your ability to get credit as a couple. It’s best to handle debt efficiently regardless of who is responsible for the debt.

Decide who is the money manager One person may be better or more organized when it comes to paying bills. Whether you keep separate accounts or combine them, it is easier for one person to take the lead and manage the finances from month to month. Money can funnel into a joint account specifically established to pay bills.

Develop a joint budget Not only do finances need to be merged, but so, too, do lifestyles. Couples must be on the same page regarding their spending habits and keep luxury or personal expenditures in check.

Work out a budget and savings plan together.

Managing finances is a conversation that newlyweds need to have as soon as possible.

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Retirement saving for late bloomers MetroCreative

odayâ&#x20AC;&#x2122;s young professionals hear about the importance of saving for retirement seemingly from the moment they are hired. In addition to discussions with human resources personnel about employer-sponsored retirement plans, young professionals are learning about the importance of saving for retirement thanks to the abundance of financial-planning advertisements on television, the radio and the Internet.

Older workers may not have been so lucky, and many may find themselves trying to play catch up as retirement age draws closer. While itâ&#x20AC;&#x2122;s important to begin saving for retirement as early as possible, late bloomers whose retirement dates are nearing can still take steps to secure their financial futures.

â&#x20AC;¢ Pay down debts.

Eliminating debt is good for men and women of all ages, but especially so for those nearing retirement. Substantial debt may delay your retirement and can greatly reduce your quality of life during retirement. If you still have substantial debt, eliminate that debt before you start saving additional money for retirement.

Once your debt slate has been wiped clean, you can then increase your retirement contributions.

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â&#x20AC;¢ Eliminate unnecessary expenses.

If your retirement savings are low (many financial advisors now advise men and women that they will need at least 60 percent of their pre-retirement income each year they are retired), start cutting back on unnecessary expenses and reallocate that money toward retirement saving. Cutting out luxury items, such as vacations to exotic locales or country club memberships, is one way to save money. But donâ&#x20AC;&#x2122;t overlook the simpler ways to save, such as canceling your cable subscription or dining at home more often.

â&#x20AC;¢ Downsize your home.

Many empty nesters downsize their homes as retirement nears, and doing so can help you save a substantial amount of money.

If the kids no longer live at home or if you simply have more space than you will need after retirement, downsize to a smaller, less expensive home. Monitor the real estate market before you decide to downsize so you can be sure to get the best deal on your current home. Downsizing saves on monthly utility bills, property taxes and a host of additional expenses. Downsizing also means less maintenance, which gives you more time to

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pursue your hobbies upon retiring.

â&#x20AC;˘ Take on some additional work.

While you may have long felt you would slowly wind down in the years immediately preceding retirement, taking on some additional work outside of your current job is a great way to save more for retirement and perhaps even lay the foundation for a post-retirement career. Workers over the age of 50 can be invaluable resources to startups or other businesses looking for executives who have been there, done that.

Look for part-time jobs that seek such experience. Even if the initial jobs donĂ&#x2022;t bowl you over financially, parttime consultant work in retirement can make up for lost retirement savings and may even make your retirement years more fulfilling.

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Planning for hearing loss: the financial and relational realities Provided by Dr. Anne Simon, Audiologist, Simon Audiology & Tinnitus

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wo of the most common factors in hearing loss are age and noise-exposure. Approximately 1 in 3 people between the age of 65 and 74, and half of those 75 and older have hearing loss.

Estimates of noise induced hearing loss between the ages of 20 and 69 are at 15 percent. If you live, work, or play around noise, or figure on getting older; chances are you will have to confront the hearing loss of you or a loved one. It would be sensible to consider treatment options.

Life planning often suggests financial security in retirement. But, financial security is just a means to have quality of life: the freedom to explore, health, vigor, well-being, and being able to engage in meaningful relationships. What

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makes hearing loss treatment a necessary consideration is that hearing loss can create a barrier to interacting with others.

Hearing loss has been associated with anger, irritability, social isolation, depression, and dementia.

Relational realities of hearing loss treatment There is no one-size-fits-all solution when it comes to the treatment of hearing loss. The ‘shape’ of the hearing loss, understanding of speech, and the environments an individual interacts in are different for each person. A hearing aid that does a terrific job for one person can easily be a poor fit for another. The ultimate test for hearing loss treatment is: how well can I understand speech and engage others in

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LIFE PLANNIN G GUIDE

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relationship. With that caveat in mind, let’s take a look at the financial considerations.

Financial realities of hearing loss treatment Insurance coverage for hearing tests and hearing aids vary substantially. This variance can occur within insurance carriers. Your plan under ABC Insurance may not have the same provisions as your friend’s plan with the same insurer.

Hearing aid benefits, if available, can typically range between a $400 benefit you can use once in a lifetime to a $2500 benefit available once every three years.

Medicare will cover the cost of a hearing exam if referred by a physician for a medical reason. However, Medicare does not cover the cost of hearing aids, or hearing tests for the purpose of prescribing hearing aids.

A set of hearing aids can last between 3 to 5 years. And could last longer if there is no significant change in hearing, and the hearing aids are well-cared for.

Considerations for the budget conscious There is a wide range in the cost of hearing aids. And some, understandably, will want to find a way to save a few dollars.

Many ads will offer you a low-cost, off-the-shelf option. But, such options may not be responsive to your hearing needs.

There are features that you can opt out of to save on price, but you should never sacrifice the ability to understand speech.

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Tips for taking advantage of your trial period Hearing aid purchases come with a trial period. Here’s how to best leverage the opportunity: • Tell your audiologist, in detail, about your experiences with your new hearing aids.

• Use the hearing aids in different environments so you know how they will perform.

• Find a trial period that is 45 days or longer.

Buying hearing aids is not a one day event.

• Find an audiologist who is responsive to your needs.

• If all else fails, return the hearing aids. Maybe the aids you bought aren’t quite the right fit.

Keep one priority top of mind: Understanding speech.

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Get a head-start on tax season MetroCreative

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he beginning of January serves as a great time to start preparing for tax season. While the deadline to file returns may be several months away, getting a head-start allows men and women the chance to organize their tax documents so they aren’t racing against a deadline come April. The following are a handful of ways to start preparing for your returns now.

• Find last year’s return. You will need information from last year’s return in order to file this year, so find last year’s return and print it out if you plan to hire a professional to work on your return.

• Gather dependents’ information. While you might know your own Social Security number by heart, if you have dependents, you’re going to need their information as well. New parents or adults who started serving as their elderly parents’ primary caretakers over the last year will need their kids’ and their folks’ social security numbers.

If you do not have these numbers upon filing, your return will likely be delayed and you might even be denied potentially substantial tax credits.

• Gather your year-end financial statements. If you spent the last year investing, then you will have to pay taxes on any interest earned. Interest earned on the majority of savings accounts is also taxable, so gather all of your year-end financial statements from your assorted accounts in one place. Doing so will make filing your return,

whether you do it yourself or work with a professional, go more quickly.

• Speak with your mortgage lender. Homeowners should receive forms documenting their mortgage interest payments for the last year, as the money paid in interest on your home or homes is tax deductible. If these forms are not received in a timely manner, speak with your lender. You might even be able to download them from your lender’s secure website.

• Make a list of your charitable contributions. Charitable contributions, no matter how small, are tax deductible. While it’s easiest to maintain a list of all charitable donations you make as the year goes on, if you have not done that, then you can make one now.

Look for receipts of all contributions, contacting any charities you donated to if you misplaced any receipts.

• Book an appointment with your tax preparation specialist now. As April 15 draws closer, tax preparers’ schedules get busier and busier. The earlier you book your appointment, the more likely you are to get a favorable time for that meeting. In addition, if you have gathered all of the information you need by early February, then booking your appointment early means you can file earlier and receive any return you might be eligible for that much quicker.

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Power of attorney protects loved ones MetroCreative

Life is full of the unexpected. But just because the future is unpredictable does not mean adults cannot prepare for what lies ahead. Estate planning is important, and establishing power of attorney can be essential for men and women looking to protect their financial resources and other assets.

What is power of attorney?

A power of attorney, or POA, is a document that enables an individual to appoint a person or organization to manage his or her affairs should this individual become unable to do so. According to the National Caregivers Library, POA is granted to an ‘attorney-in-fact’ or ‘agent’ to give a person the legal authority to make decisions for an incapacitated ‘principal.’ The laws for creating a power of attorney vary depending on where a person lives, but there are some general similarities regardless of geography.

Why is power of attorney needed?

Many people believe their families will be able to step in if an event occurs that leaves them incapacitated and unable to make decisions for themselves. Unfortunately, this is not always true. If a person is not named as an agent or granted legal access to financial, medical and other pertinent information, family members’ hands may be tied.

In addition, the government may appoint someone to make certain decisions for an individual if no POA is named.

Just about everyone can benefit from establishing an attorneyin-fact. Doing so does not mean men and women cannot live independently, but it will remove the legal barriers involved should a person no longer be physically or mentally capable of managing certain tasks.

Power of attorney varies Power of attorney is a broad term that covers various aspects of decision-making. According to the legal resource ‘Lectric Law Library, the main types of POA include general power of attorney, health care power of attorney, durable power of attorney, and special power of attorney. Many of the responsibilities overlap, but there are some subtle legal differences. Durable power of attorney, for example, relates to all the appointments involved in general, special and health care

powers of attorney being made ‘durable.’ This means the document will remain in effect or take effect if a person becomes mentally incompetent. Certain powers of attorney may fall within a certain time period.

What is covered?

An agent appointed through POA may be able to handle the following, or more, depending on the verbiage of the document: • banking transactions • buying/selling property • settling claims • filing tax returns • managing government-supplied benefits • maintaining business interests • making estate-planning decisions • deciding on medical treatments • selling personal property • fulfilling advanced health care directives Although a power of attorney document can be filled out and an agent appointed on one’s own, working with an estate planning attorney to better understand the intricacies of this vital document is advised.

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