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Importance of thoughtful planning in the event of incapacitation

Unfortunately, circumstances can occur that will leave others in a lurch.  There is a need for thoughtful planning in the case that an individual becomes incapacitated or dies so that one's business and family can carry-on and not face hardship. 

When an individual owns a business, they may wish to put together a plan that ensures a smooth succession.  This plan will include successors to take over the leadership role, deal with any tax consequences to the estate, make certain business debts are dealt with, etc.

In the case of the family, planning is even more vital.  Unfortunately, as so many individuals do not wish to confront this possibility, individuals put-off planning and the creation of necessary documents.  These are not decisions that anyone would wish to have left up to the courts.  Families will also have to deal with tax consequences in the event that a loved one dies.

In the event that someone is incapacitated, they will also wish to have an individual present that they can trust to make determinations for them.  For this reason, Nevada readers may wish to have drafted a power of attorney and important medical instructions.  A durable power of attorney can allow an individual that one trusts to act on one's behalf in the event of incapacitation.

As these decisions are so important, no one wants for there to be an error in the drafting of estate planning documents.  Properly drafted wills and powers of attorney can ensure that one's wishes concerning any number of matters will be honored.

Source: Huffington Post, "Hit by the Bus: How to Protect Your Business, Your Family and Yourself," Jack Garson, Dec. 11, 2013

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