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Growing up, the Boy Scout motto, “be prepared” was drilled into me. Recently, I was unexpectedly called to take my mother to the emergency room which turned out to be a timely reminder of the importance of this simple phrase. While I have her Power of Attorney for Healthcare and Living Will in the Cloud, I realized I don’t carry hard copies of these essential documents. Not to mention I didn’t know what medications she takes or even the name and phone number of her doctor. After 40 years of being an Eagle Scout, I still needed the reminder to be prepared. Luckily, my mother was discharged after 8 tedious hours, but the experience stuck with me. I was rattled by my own lack of preparation. What if the situation were gravely serious? Would I be prepared to help my loved ones in the event of an emergency?
The next morning at my office, I printed copies of my mother’s Power of Attorney for Healthcare, and her Living Will, put them in an envelope, and placed them in the glove compartment of my car. Electronic copies of these documents are fine, but hospitals usually need printed copies. A friend also pointed out that if my mother had been admitted, I might have needed a second copy because once out of the ER, the process starts all over again. The ER is too busy to share those documents with other parts of the hospital as quickly as you will need them. Having a list of all my mother’s medications and allergies would have been helpful too. I am now keeping a list of her medications on my phone, along with her doctor’s name and number in my contacts. My mother’s documents were prepared a number of years ago, now the Durable Power of Attorney for Healthcare and separate Living Will can be combined into one document called the Advance Health Care Directive. The Advance Health Care Directive (ADHC) allows you to appoint someone (health care agent, attorney-in-fact, proxy, or surrogate) to make a decision for you if you cannot speak for yourself. This is recognized in every state but states also have their own forms, as laws vary from state to state. The Advance Health Care Directive is just one of the Legal Documents Everyone Should Have prepared against future incapacity or medical emergency. You should also have a General Durable Power of Attorney for financial matters, a Will, to make clear your intentions around personal property and money, and Memorial Instructions so your family knows your desires for handling services and remembrances after your death. Remember in addition to making sure you have these up-to-date legal documents for yourself and your loved ones, it is equally important that other family members know where to find them. Where to Find My Important Papers is a great checklist to give family members so they can find everything they need whenever they might need it.  My children are both graduating this year! My daughter is graduating from college and my son is graduating from high school. Soon my wife and I will be empty-nesters. As we launch my daughter into adulthood and prepare to send my son off to college, we are going through checklists of things “to do.” It is not all about furnishing dorm rooms and apartments. My kids each will be 1,000 miles in opposite directions. Although it is hard to believe, they are 18 and older, and therefore “legally” adults.
What happens when I want to check grades for my son next year? Federal law may prevent me from viewing my son’s grades without his permission. Since I’m paying the tuition, I want to make sure progress is being made on my investment. Now that he’s an “adult,” I will need a FERPA Release to make sure I can access his grades and get information from his college about his campus experience. While some schools have their own form, I’ve decided to prepare one that can be used at any institution. Check. Heaven forbid, but what happens if one of my “adult” kids gets sick or is hospitalized? I’m their parent. The doctor or hospital will surely let me know what’s happening, right? No! I need a HIPAA Authorization so my kids’ health care providers can share health care information with me. Ugh! Add that to the College Student Checklist. (I’ve got a form for that!) Tennessee has a solution for a Living Will, Durable Powers of Attorney for Health Care, and HIPAA Release. Thankfully, I have had both of my kids sign an Advance Directive for Health Care which takes care of all these legal needs in one simple document. Phew, I’ve got that one covered. Why is that important? What happens if your child is in a car wreck and is unconscious? You don’t have authority anymore simply as a parent of an “adult” child to make healthcare decisions for your kid. An Advance Directive for Health Care allows your “adult” child to appoint someone to act on their behalf for healthcare issues and designate who can receive information about their health and care. As the Bank of Dad, how will I handle financial issues for my kids while they are 1,000 miles away--each in different time zones from home? What if the real bank needs some paperwork completed by them to open or close an account? Hmmm. How long will it take to get them to sign and return the forms . . . ? They need a Durable Power of Attorney (for finances and property) so someone they appoint (me or Mom) can handle these matters on their behalf in their absence. This can be helpful at tax time, especially if your “adult” child is studying abroad and their tax return needs to be filed. Okay, as parents we are destined to worry about things. (My mother would be worried if she didn’t have anything about which to worry). What if--God forbid--something happens to them. My kids have some minor assets, treasured objects, those Savings Bonds from Grandma. My father died unexpectedly without a will right after Thanksgiving of my college freshman year. It was a long and drawn out process to handle his meager “estate” and meanwhile bank fees eroded what little was left in his checking account. The only thing worse to losing a child would be to have a drawn out process forcing you to relive the horror. Maybe, my kids need a Will (some “adult” kids might even need a Living Trust). This sending a kid to college and launching a child into adulthood is more complicated than just furnishing a dorm or apartment. Once your son or daughter turns 18, unless you have the appropriate paperwork, no medical facility, bank, credit card company, or credit union will talk to you, even if your child is still on your insurance plan. You have to be prepared! Here are the four Student Essentials that all college students need before moving to their dorm rooms:
We can help you make this happen for your "adult" child, too. Check this off your list. Employers who provide time off to employees to receive or recover from getting a COVID-19 vaccination may be eligible for a tax credit. The tax credit is available under the American Rescue Plan for organizations with fewer than 500 employees. It also provides full pay for employees who take time to recover from receiving a vaccination. Click here for more information from the IRS on this new tax credit.
The tax deadline for this year is Monday, May 17, 2021 and it’s approaching rapidly. 2020 was obviously a very different year, and you probably noticed that your taxes look different too. For instance, did you receive an Economic Impact Payment? If you did not, or you did not receive the full amount; you may be able to claim the Recovery Rebate Credit.
The Economic Impact Payment amounts were determined using your 2018 or 2019 tax return information, but for almost all of us, our 2020 income was not the same as what was listed on our taxes in 2018 or 2019. If your 2020 income was lower than in the previous years you could be eligible for the Recovery Rebate Credit. The IRS says “Generally, if you were a U.S. citizen or U.S. resident alien in 2020, were not a dependent of another taxpayer and have a Social Security number that is valid for employment, you are eligible for the Recovery Rebate Credit. Your credit amount will be reduced if your adjusted gross income (AGI) is more than:
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.” You can check the www.irs.gov article Didn’t get Economic Impact Payments? Check eligibility for Recovery Rebate Credit and the related Recovery Rebate Credit Frequently Asked Questions article to see if you can benefit from this credit. Growing up, the Boy Scout motto, “be prepared” was drilled into me. Recently, I was unexpectedly called to take my mother to the emergency room which turned out to be a timely reminder of the importance of this simple phrase. While I have her Power of Attorney for Healthcare and Living Will in the Cloud, I realized I don’t carry hard copies of these essential documents. Not to mention I didn’t know what medications she takes or even the name and phone number of her doctor. After 40 years of being an Eagle Scout, I still needed the reminder to be prepared. Luckily, my mother was discharged after 8 tedious hours, but the experience stuck with me. I was rattled by my own lack of preparation. What if the situation were gravely serious? Would I be prepared to help my loved ones in the event of an emergency?
The next morning at my office, I printed copies of my mother’s Power of Attorney for Healthcare, and her Living Will, put them in an envelope, and placed them in the glove compartment of my car. Electronic copies of these documents are fine, but hospitals usually need printed copies. A friend also pointed out that if my mother had been admitted, I might have needed a second copy because once out of the ER, the process starts all over again. The ER is too busy to share those documents with other parts of the hospital as quickly as you will need them. Having a list of all my mother’s medications and allergies would have been helpful too. I am now keeping a list of her medications on my phone, along with her doctor’s name and number in my contacts. My mother’s documents were prepared a number of years ago, now the Durable Power of Attorney for Healthcare and separate Living Will are combined into one document called the Advance Health Care Directive. The Advance Health Care Directive (ADHC) allows you to appoint someone (health care agent, attorney-in-fact, proxy, or surrogate) to make a decision for you if you cannot speak for yourself. This is recognized in every state but states also have their own forms, as laws vary from state to state. The Advance Health Care Directive is just one of the Legal Documents Everyone Should Have prepared against future incapacity or medical emergency. You should also have a General Durable Power of Attorney for financial matters, a Will, to make clear your intentions around personal property and money, and Memorial Instructions so your family knows your desires for handling services and remembrances after your death. Remember in addition to making sure you have these up-to-date legal documents for yourself and your loved ones, it is equally important that other family members know where to find them. Where to Find My Important Papers is a great checklist to give family members so they can find everything they need whenever they might need it.  Small businesses employ close to half of all American workers. They create two thirds of the new jobs in the private sector, and those businesses reinvest nearly 70% of their revenue in their local communities, building and strengthening them. For the well-being of our communities, we need to sustain these small businesses. The Paycheck Protection Program, or PPP, is a vehicle that can help with that process.
What is the Paycheck Protection Program? The PPP is one of the Coronavirus Relief Options offered by the federal government. The goal of the program is to provide loans to help businesses retain their employees during the pandemic. These loans may be eligible to be forgiven. March 31, 2021 is the deadline to apply for the second round of loans. Does the program work? Is the money really going to small businesses? Check out the PPP Myth vs. Fact pdf here. The PPP program offers two types of loans, First Draw Loans, for those who have not received a PPP loan before and Second Draw Loans, for businesses who have previously received loans and are eligible for another loan. The Small Business Association provides a Lender Match that can help connect a business with a lender. Nearby lenders can also be viewed on a map. The SBA also notes that “All Second Draw PPP Loans will have the same terms regardless of lender or borrower.” Check the links and see if your small business is eligible today. Employment law issues are among the main reasons small business owners find themselves in court. The ordinary tasks of hiring and firing individuals, as well as the day-to-day requirements of employing people, expose business owners to a wide range of legal issues.
Many small business owners are not aware of the various local, state, and federal laws that apply to the employer-employee relationship. The laws can be confusing because some don't apply to small employers, but it doesn't take many employees before a host of legal requirements do apply. The exceptions are very limited. Unhappy employees or former employees will find time to study the laws and look for ways to exact revenge for what they may believe are slights or great injustices. The best defense is to be proactive and assess the strengths and weaknesses of your employee relations. Have a legal audit done and fix or improve any gaps your business may have. The employment relationship is one of the most important relationships people have and the laws and regulations are constantly changing. Estate planning is for everyone. If you don't have a plan, then your state has a plan for you, but you probably won't like it. Stay in control of how things are handled if you become disabled or die. You can plan now for how health care decisions are handled, who has access to your information, and how your assets are handled. Otherwise, the courts may make those decisions for you in a public and expensive way. Davies Hood PLLC is a member of WealthCounsel, a nationwide collaborative of estate planning attorneys and wealth planning professionals dedicated to providing the best planning possible for American families. Click here for more information about estate planning.
Reasons Everyone Needs an Estate Plan
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AuthorJason Hood is a practical lawyer with a broad range of experience. Archives
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