A Health Care Power of Attorney (HCPA) is a legal document that gives a specific person the right to speak with others and make decisions on your behalf regarding your health, treatment, and care.
It is important to trust your HCPA as this person may be assigned to make life and death decisions on your behalf.
While HCPA is easy to implement, states have different rules and forms; so you need to consult with the one from the state where you live.
AB trust is a joint trust created by a married couple; after the death of one of the spouses, the trust is divided into the survivor’s part (Trust A) and the bypass part (Decedent’s Trust or Trust B).
The agency, if necessary, allows any person or entity to act on behalf of another person when the beneficiary cannot explicitly give permission to do so.
A generation skip trust (GST) is a legally binding arrangement whereby assets are passed on to the grantor’s grandchildren or anyone 37.5 years younger, bypassing the grantor’s next generation of children.
Annuity preservation trusts (GRAT) are estate planning instruments in which the grantor freezes assets in a trust from which they receive an annual income.