Attorney J. Anthony Bradley, Esq. has more than twenty years’ experience in assisting individuals and families with their estate planning and wealth planning. Every adult in America needs some type of estate planning, whether in the form of a simple will or a document with more complex tax planning provisions. An experienced attorney can help you protect your interests and your family through solid estate planning.
At The Bradley Law Firm, we don’t try to oversell our services or create generic documents. Rather, we will custom-tailor a solution specific to your needs. In addition, we strive to remain readily accessible and responsive to every client.
You probably have questions about the following topics. We can help you find the answers that are right for you.
- Wills and Trusts – through the use of a Living Trust or Last Will and Testament, you may plan for the future and enjoy peace of mind knowing that your wishes will be carried out according to your design
- Durable Powers of Attorney – you can authorize another individual to make financial or medical decisions if you become too ill to make those decisions on your own behalf
- Tax Planning – estate, inheritance, and gift tax planning can help you ensure that your wishes are complied with and that your loved ones are provided for
- Family Limited Partnership (FLP) – a limited partnership created to manage and control jointly-owned family property Charitable Giving
- QTIP – a Qualified Terminable Interest Property trust that instructs how your spouse will distribute your remaining assets after your death
- QDOT – a Qualified Domestic Trust permits a non-citizen spouse to qualify for the marital deduction
- Planning for Pets – ensure that your beloved animals are properly cared for
- Elder Law – plan for Medicare eligibility and preserve your personal assets
- Planning for Minors/Guardianships – establishing a guardianship authorizes a designated adult to make decisions on behalf of a minor or incompetent person
With extensive estate planning experience, attorney J. Anthony Bradley, Esq. has the background and knowledge to ensure your estate plan is done correctly. Contact The Bradley Law Firm, PLLC to discuss your Estate Planning and Probate needs and please feel free to fill out our Estate Planning Questionnaire.
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Click Below to View Frequently Asked Questions
Durable Power of Attorney (Financial)
For most people, the durable power of attorney is the most important estate planning instrument available — even more useful than a will. A power of attorney allows a person you appoint — your “attorney-in-fact” or “agent” — to act in place of you – the “principal” — for financial purposes when and if you ever become incapacitated.
In that case, the person you choose will be able to step in and take care of your financial affairs. Without a durable power of attorney, no one can represent you unless a court appoints a conservator or guardian. That court process takes time, costs money, and the judge may not choose the person you would prefer. In addition, under a guardianship or conservatorship, your representative may have to seek court permission to take planning steps that she could implement immediately under a simple durable power of attorney.
A power of attorney may be limited or general. A limited power of attorney may give someone the right to sign a deed to property on a day when you are out of town. Or it may allow someone to sign checks for you. A general power is comprehensive and gives your attorney-in-fact all the powers and rights that you have yourself.
A power of attorney may also be either current or “springing.” Most powers of attorney take effect immediately upon their execution, even if the understanding is that they will not be used until and unless the grantor becomes incapacitated. However, the document can also be written so that it does not become effective until such incapacity occurs. In such cases, it is very important that the standard for determining incapacity and triggering the power of attorney be clearly laid out in the document itself.
However, attorneys report that their clients are experiencing increasing difficulty in getting banks or other financial institutions to recognize the authority of an agent under a durable power of attorney. A certain amount of caution on the part of financial institutions is understandable: When someone steps forward claiming to represent the account holder, the financial institution wants to verify that the attorney-in-fact indeed has the authority to act for the principal. Still, some institutions go overboard, for example requiring that the attorney-in-fact indemnify them against any loss. Many banks or other financial institutions have their own standard power of attorney forms. To avoid problems, you may want to execute such forms offered by the institutions with which you have accounts. In addition, many attorneys counsel their clients to create living trusts in part to avoid this sort of problem with powers of attorney.
While you should seriously consider executing a durable power of attorney, if you do not have someone you trust to appoint it may be more appropriate to have the probate court looking over the shoulder of the person who is handling your affairs through a guardianship or conservatorship. In that case, you may execute a limited durable power of attorney simply nominating the person you want to serve as your conservator or guardian. Most states require the court to respect your nomination “except for good cause or disqualification.”
Durable Healthcare Power of Attorney/Healthcare Proxy
A durable power of attorney and a health care proxy are two very important estate planning documents. Both allow other people to make decisions for you in the event you are incapacitated. Because the individuals chosen will have to coordinate your care, it is important to pick two people who will get along.
A power of attorney allows a person you appoint — your agent or “attorney-in-fact” — to act in your place for financial purposes when and if you ever become incapacitated. A health care proxy is a document that gives an agent the authority to make health care decisions for you if you are unable to communicate such decisions.
While the health care proxy is the one who makes the health care decisions, the person who holds the power of attorney is the one who needs to pay for the health care. If the two agents disagree, it can spell trouble. For example, suppose your healthcare agent decides that you need 24-hour care at home, but your power of attorney thinks a nursing home is the best option and refuses to pay for the at-home care. Any disagreements would have to be settled by a court, which will take time and drain your resources in the process.
The easiest way to avoid conflicts is to choose the same person to do both jobs. But this may not always be feasible — for example, perhaps the person you would choose as health care proxy is not good with finances. If you pick different people for both roles, then you should think about picking two people who can get along and work together. You should also talk to both agents about your wishes for medical care so that they both understand what you want.
If you have questions about whom to name for these roles, or you haven’t yet executed these all-important documents, contact The Bradley Law Firm for thoughtful guidance.
Establishing a Guardianship (for a minor) or Conservatorship (for an incapacitated adult) with the court ensures that a loved one’s legal affairs — whether they be financial or health-related — will be taken care of in a time of need by a friend or family member.
A Guardianship or Conservatorship is a case to adjudicate someone incompetent to manage their own affairs, either because of age or by mental and/or physical incapacity.
The Court will require medical evidence substantiating the claims. Based upon the evidence, the Court may appoint different individuals as Guardian or Conservator over the person and the person’s assets.
Through the use of Durable Power of Attorney, a Conservatorship can be avoided. Through a Durable Power of Attorney, an “attorney in fact” is appointed to manage the affairs of the person.
To learn more about Conservatorships and Guardianships, contact The Bradley Law Firm, PLLC.