CHFC Encourages Californians to Have to Have an End-of-Life Discussion
Jul 23, 2014
Palo Alto, CA (Law Firm Newswire) July 23, 2014 – With more 8.6 million aging baby boomers in California alone, end-of-life discussions are becoming increasingly important. Families need to make it a priority to speak with loved ones before, not after, a crisis strikes.
A 2012 California Healthcare Foundation (CHFC) survey revealed that nearly 60 percent of respondents felt that having an end-of-life discussion with their family was “extremely important” — yet 56 percent of those respondents had not yet communicated those wishes with the person they would want making that decision on their behalf. Only 23 percent had their wishes in writing.
“The best time to have the discussion about your desires for end-of-life care is before a life-threatening illness hits,” said Myra Gerson Gilfix, a living will attorney with Gilfix and La Poll Associates in Palo Alto. “An advance discussion avoids the anxiety your loved ones might feel later when trying to determine what your healthcare and financial wishes would be if faced with the unthinkable.”
To further engage those who are reluctant to have such a conversation, the CHFC announced plans in May to release a Facebook platform that prompts friends and family on the social network to have this conversation with one another. The platform was created in response to a competition hosted by CHFC called Catalyzing Communication About End-of-Life Care.”
Laws regarding advanced care directives, powers of attorney and living wills vary from state to state. Therefore, programs like the CHFC encourage individuals to speak with loved ones and with a lawyer as soon as possible when making end-of-life care decisions.
Gilfix & La Poll Associates LLP
2300 Geng Rd., Suite 200
Palo Alto, CA 94303
Telephone: (650) 493-8070
http://www.gilfix.com/
Facebook: Like Us!
- Palo Alto Breaks Ground on Innovative Playground for All Children
On June 23, construction began on what is being coined the most innovative and inclusive playground in the United States. The playground will be called “Magical Bridge” and will be located on 1.28 acres of land between Adobe Creek and Mitchell Park’s southern-most tennis courts. The park will have 15 zones that will accommodate the […] - Crummey trusts can maximize benefit of annual exclusion
The annual exclusion to gift taxes is rather straightforward: tax-free, someone can give away up to $14,000 per year. Spouses, through gift-splitting, can effectively double that annual exclusion to $28,000. As a basic precondition, the gift must consist of present interest (or an asset that the recipient can immediately use), such as cash. Gifts given […] - Within the context of estate planning, charity can come in many forms
Many people considering estate planning want to incorporate charitable contributions in their estate plan. Many also wish to shield estate assets from taxation. In addition, they may wish to benefit from a tax deduction for charitable contributions and save on capital gains taxes that would be levied on appreciated property. There are two basic irrevocable […] - Even with recent tax reforms, it may not be wise to bypass a bypass trust
As the lifetime estate tax exemption has risen, estate planners have found themselves enjoying greater breathing space when optimizing the amount of wealth that can pass to an estate’s heirs tax-free. In 2014, estate tax protection covers $5,340,000 per person. While the steadily larger exemption has seemingly made so-called “bypass trusts” less relevant, such trusts […] - If Used Properly, Annual Gift Tax Exclusion Can Be the Gift That Keeps on Giving
Natural instinct often urges parents to help their children financially. But when they seek to do so, they must be mindful of the interest the federal government will collect. Transfers of wealth that exceed an exclusionary level are subject to the federal gift tax. Fortunately, with careful planning, a grantor can limit or exclude the […]
