Powers of Attorney vs. Advance Directives for Health Care
Thursday, May 21, 2015
Sometimes even entities that should know better, such as health insurance companies, are confused by Powers of Attorney and Advance Directives for Health Care.
Sometimes even entities that should know better, such as health insurance companies, are confused by Powers of Attorney and Advance Directives for Health Care.
Even though there can be tax benefits to deferring payouts from an IRA or a 401K, sometimes this benefit is a minor benefit when compared with the risks of having the asset distributed directly to someone who may have problems handling money.
For tax reasons, it is often wise to pass IRAs, 401Ks, and other tax deferred assets outside of probate, by making sure the beneficiary designations on these assets name actual individuals.
Advance Directives for Health Care, in contrast to POLSTs (Physician Orders for Life Sustaining Treatment - see earlier article), are used to provide information and authority to substitute decision makers who are operating in a less urgent situation.
POLSTs (Physician’s Orders for Life Sustaining Treatment) and Advance Directives for Health Care are often confused.
In a story reported on October 23, 2012, by the New York Times, it was announced that a court settlement has been reached (pending approval of the judge).
This settlement will result in a very important change to how Medicare policy is implemented in the real world.
More and more people are living together without marriage. This includes senior citizens.
This can create special problems for Medicaid.
It is becoming more and more common for people to live together on a long term basis, without getting married.
One reason people give for not getting married is that they have been told that it is easier to split apart if they are not married. This is not usually true.
No document constructed by humans can perfectly resolve all future conflicts.
However, if you are living together, but are not married, a formal Domestic Partnership Agreement can give a great deal of predictability to the eventual dissolution of the relationship.
A useful 21 page publication has recently been made available over the internet by the Oregon Department of Human Services.
This is titled Guidance for Successful Transitions in Oregon Assisted Living and
Residential Care Communities.