Panama City Living Wills Attorney
Living Wills Lawyer in Panama City, FL
A living will is a document people use to document their wishes in regards to medical treatments that prolong life. It is also called an advance directive or health care directive. It should not be confused with a living trust, which is a document that describes the management and distribution of certain assets. A living will is important to have because it informs your family and your health care providers about the type of medical treatment you want in the event you cannot communicate those wishes yourself.
I can provide all the legal advice and work needed to have a living will created that reflects your preferences in health care procedures. I work with clients in the Panama City area, and will be happy to sit down with you to begin the process of preparing this instrument. As a Panama City estate planning attorney, I will take the time to listen to your needs and goals and ensure that they are fully reflected in your planning documents.
Florida Living Wills
In a living will, you indicate what type of life-prolonging treatments you do or do not want to receive if you are unable to communicate those wishes. A living will usually comes into play at the end of a terminal illness or a vegetative state. This type of will does not go into effect unless you are incapacitated. Prior to that, you will still make decisions for yourself.
For situations where you are incapacitated momentarily but your health is not in such a dire situation that a living will would go into effect, you may also wish to name a health care surrogate. This document allows someone else to make health care decisions for you while you are temporarily incapacitated.
Do you need a living will? Contact Panama City estate planning attorney Max W. McCord III for a consultation about your living will.
What are some of the benefits of conducting business through a legal entity?
One of the most important benefits is the protection of your personal assets against the claims of creditors. Generally speaking, directors, officers, managers, members, and stockholders (the interested parties) are not held personally liable for the debts and obligations of the business entity. The interested parties should be limited in their personal liability to the amount invested in the company. Another legal benefit is the transferability of ownership, which can be done either in whole or in part. Also, some estate tax planning options are only available to business entities. Retirement funds, such as 401ks may be established more easily. Also, a business entity can acquire and establish its own credit rating.
What are some of the mistakes people make when going into business?There are always risks involved in going into business. As most people know, a majority of small businesses do not succeed in the long run. Mistakes of new business owners may include the lack of a realistic business plan, underestimating costs and tax liabilities, and unfavorable business contracts/agreements. Even more problematic is a failure to understand the business or the marketplace, underestimating the competition, and/or not being effective at managing a business. Responsibility for these latter areas ultimately falls to the owners, but sound legal advice can substantially improve the chances of success.
How can I be protected from liability claims that arise from my business?
Generally speaking, business owners doing business as limited liability companies, corporations, or limited partnerships do not have personal liability for the obligations or debts of the business. This assumes that no personal guarantees have been executed. If the business has been properly created, it is a separate legal entity. The details of formation are important, and the filing fees must be paid. If properly created and maintained, the assets owned by the business should be the only ones that are subject to debt or other liability considerations.