MyCare Plan™ is our way of helping clients plan for life’s uncertainties. It includes a variety of planning tools and options so that your clients may set forth their long term health care and financial wishes for themselves and their family.
Specifically, MyCare Plan™ will assist you with the following essentials:
1. Preparing a Financial Power of Attorney and a Health Care Power of Attorney – enables you to talk to family members now to decide how to handle their financial and medical affairs should they become incapable of making their own decisions.
2. Prepare a will and establish a living trust that will distribute their property according to their wishes after they die.
Who needs MyCare Plan™?
MyCare Plan™ is something everyone needs to do, not just “wealthy” people. You don’t need to be rich to become ill or injured, nor do you need to be wealthy to provide for and protect your family’s financial affairs.
MyCare Plan™ will put you in greater control of the financial and health care decisions that directly affect their lives and the lives of their family.
Plan while you can. It’s not enough to simply want to do the right thing; you need to make sure it happens. Let MyCare Plan™ turn your good intentions into good planning and security for your family.
Listed below are the most frequently asked questions regarding our MyCare Plan™ service:
What is a Financial Power of Attorney?
A financial power of attorney is a document in which you appoint someone else (your “attorney-in-fact,” or “agent”) to make decisions for you with respect to your assets when you are unavailable or unable to do so. When accidents, illnesses, or prolonged absences occur, you may need someone to manage your financial affairs. It can be done in anticipation of a future need, for a special purpose, or for a limited time.
Why is a Power of Attorney Important?
Everyone should think about having a power of attorney. It allows you to pick someone you trust to handle your affairs if you cannot do so yourself. It gives you peace of mind, knowing that in an emergency someone you choose will have the ability to act for you. If you do not establish a financial power of attorney and you become incapacitated, it may be necessary for a court to appoint a guardian or conservator for you, and the court will appoint whoever it thinks best.
What is a health care power of attorney?
A health care power of attorney names someone to be your “health care agent,” sometimes referred to as a representative, proxy, or patient advocate. This is a person you choose to make decisions about your medical treatment and health care if you become unable to participate in medical treatment decisions.
Do I need a Health Care Power of Attorney?
There is a chance in your lifetime that you may become seriously injured, terminally ill, or otherwise unable to make decisions regarding your own health care. If this should happen, it would be helpful to have someone who knows your values and in whom you have trust to make such decisions for you.
What is a living trust?
A living trust is a flexible tool you may use in creating your estate plan. A living trust may be used to delay the distribution of assets after your death, avoid probate, or minimize estate taxes, depending on how it is drafted. A living trust also acts as an asset protection device to keep your assets safe.
How does a living trust differ from a testamentary trust?
A testamentary trust is any trust created in a last will. By definition, a testamentary trust must go through probate, is only effective after your death, and is irrevocable. On the other hand, a living trust avoids probate, becomes effective during your lifetime, and is revocable during your life. A living trust is also sometimes known as a revocable grantor trust.
Do I need a last will if I have a living trust?
A living trust and a last will function together. A living trust is only part of a complete estate plan. There are valid reasons for keeping some of your assets outside of the trust. Or, you may acquire assets in the future that you forget to transfer to the trust. When you die, these non-trust assets will need to be transferred to the living trust. A “pourover will” will take any assets kept outside of the trust during your lifetime and put them in your trust at death.
Can I be the trustee of my trust?
You can be the trustee during your lifetime. Since all trust assets are held in the name of the trustee, this means you can continue to fully control all of your assets as long as you live and are not incapacitated.
What if I don’t have a last will?
If you die without a last will, all of your assets which are not jointly held with someone who survives you or placed in a trust will go through the probate process. None of your assets can be distributed to your heirs until the probate court permits it. The probate court will name someone to be the executor or personal representative of your estate, which may or may not be a person you would approve. That person will collect all of your assets and find out what debts you owe, etc. If you have any minor children, the probate court will name someone to be the guardian of those children, which may or may not be a person you would approve.
To enroll now go to http://www.vrtmg.com/YEverettWilson To learn more call 866-729-5381
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