Don Steward

What to Add to the “To-Do-List” For Your College Bound Child

If you are making that “to-do list” of what to buy and do before the big day your son or daughter heads off to college, here’s one more thing to add to the list:

Ask your young adult child to sign Durable General, Healthcare, and Mental Healthcare Powers of Attorney.

What’s the Problem?

After over eighteen years of having the authority to make decisions for and on behalf of your son or daughter about everything concerning their health and welfare, suddenly he or she is actually an adult, and as a result you may no longer have the legal right to have input or make any these decisions for or on behalf of your adult child!  

Healthcare Issues

Your child’s adulthood could mean that if he or she is sick or injured and unable to communicate, or becomes even temporarily disabled, you may be denied any information or input regarding your child’s medical condition and/or treatment by a hospital or medical provider because of Federal and/or State privacy laws, such as HIPAA (Health Insurance Portability and Accountability Act). 

Business and Financial Issues

Other potential issues stemming from your lack of authority include, but are not limited to: 

• Inability to Handle Financial Matters – You may need to access your son’s bank accounts, or deal with other financial matters on his behalf;

•  Inability to Communicate with Your Child’s School – You may need or want to inquire with the college about your child’s classes, grades, professors, and related matters.

•  Inability to Use/Access Digital Accounts – You may have a need the power to access, continue, modify, or terminate your child’s existing digital accounts, including to create or change any “passwords” and/or user identification profiles.  ”

Ultimately, in certain circumstances, you may need to seek court approval to act on his or her behalf.

Possible Solutions – The Legal Resource Center Young Adult Powers of Attorney Package

To better insure you can take care of your adult child and his or her affairs in case of an emergency, you can ask them to sign three documents, a General Power of Attorney for Financial matters, a Healthcare Power of Attorney, and a Mental Healthcare Power of Attorney.

• A Durable Healthcare Power of Attorney will empower you by authorizing medical providers to speak and consult with you, provide access to your adult child’s medical records, and authorize you to make necessary decisions if he is unable to.     

• A Mental Healthcare Power of Attorney will employer you by authorizing medical providers to speak and consult with you, provide access to your adult child’s medical records, and authorize you to make necessary decisions if he is unable to.    

• A Durable General Power of Attorney will empower you to exercise or perform any of the above acts and more on your adult child’s behalf. 

Legal Resource Center can prepare your young adult's powers of attorney package for any state.

Check it off your list today by contacting Don Steward at Legal Resource Center Today!

(602) 955-4005

don@legalresourceonline.com

Why Form a Limited Liability Company?

The limited liability company (LLC) is a business entity that offers limited liability protection and pass-through taxation. An LLC can be managed by either the members or by managers.

The LLC allows for pass-through taxation as its income is not taxed at the entity level; however, a tax return for the LLC must be completed. Any income or loss of the LLC as shown on this return is passed through to the owner(s). The owners, also called members, must then report the income or loss on their personal tax returns and pay any necessary tax.

As with corporations, the LLC legally exists as a separate entity from its owners. Therefore, the owners cannot typically be held personally responsible for the debts

and liabilities of the LLC.

Advantages of an LLC:

      LLCs allow for pass-through taxation

      Members on an LLC are not typically held personally responsible for the debts and liabilities of the business

      LLCs generally have no ownership restrictions

      LLC members have flexibility in structuring the management of the company

      An LLC does not require as much annual paperwork, or have as many formalities, as a C corporation or an S corporation

      Written consent of LLC members must be obtained prior to increasing ownership in the company

      Potential customers may perceive an LLC as a more professional entity than a sole proprietorship or partnership

      Unlike a corporation, there is no annual reporting requirement with the Arizona Corporation Commission.  

Creating an LLC with Legal Resource Center:

Legal Resource Center provides a complete service in preparing and processing your LLC from start to approval.  We will prepare your articles of organization, file them with the corporation commission, pick them up when they are approved and arrange for publication of the Notice.  We will also provide you with a comprehensive operating agreement.

How to Get Started:

      Fill out our easy-to-follow questionnaire.

      We will review the answers you provide for completeness and other common mistakes and prepare your Articles of Organization, Operating Agreement, Notice to publish, and organizational minutes.

      Upon completion of the required documents, we will present them to you for your review and approval. 

      We will then process your Articles of Organization with the Arizona Corporation Commission, and publish the approved Articles.  

      When we receive your approved Articles of Organization, we will forward them to you along with your other legal documents. Thereafter, simply follow our final instructions to wrap up the process.

      Select for More Information

 

What is a Beneficiary Deed?

“Possibly the simplest and most cost effective estate planning tool you’ve never heard of.”


What is a Beneficiary Deed?  A Beneficiary Deed, also known as a Revocable Transfer-On-Death Deed, conveys your ownership interest in real property, such as your home, investment property, vacation home, etc, to your children, family, significant other, etc., without any requirement of probate.  The Beneficiary Deed is prepared and recorded while you are living, but the transfer is not effective until you (and your spouse, if applicable) have passed away.


Some Advantages of using a Beneficiary Deed include: 
•  Avoids the cost and delay of probate. 
• Less expensive than a living trust.   
• The owners retain total control over the property.    
• Signing and recording a Beneficiary Deed has no gift tax liability because it is not a present transfer of property. 
• The owner is free to change a Beneficiary Deed at any time.  

At least 12 states have laws which provide for use of a beneficiary deed, including Arizona, Arkansas, Colorado, Kansas, Missouri, Nevada, New Mexico, Ohio, Wisconsin, Minnesota, Montana, and Oklahoma.


Contact Legal Resource Center at (602) 955-4005 or visit their website at legalresourceonline.com for more information about Beneficiary Deeds.