February 2022 Wilson Insights

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February Newsletter 2022

Dear Cherished Clients, Advisors, Colleagues, and Friends,

Welcome to Virginia! Following the snow, and then the temperatures in the 70’s, we are not sure what season we are in, but it is always an adventure! I imagine after the recent 70 plus temperatures though, we are looking forward to the beginning of the Spring! We will have to see if that cute Groundhog was correct, but as they are calling for more snow in the next few weeks, he just might be!

Despite that, so many of us are hoping to travel as Covid restrictions are relaxing and Spring is on the horizon. As a reminder, there are still lurking concerns about COVID wreaking havoc on flight, resort, and cruise plans. Two questions we are often asked at Wilson Law are, “what happens if I get stuck out of town?” or “what if I need medical care away from home?”

These are legitimate questions, and there are a few simple documents that can make your life a whole lot easier if you experience these situations:

Financial Power of Attorney (GPOA): This document will allow someone else (your designated agent) to pay your bills, communicate with your financial institutions, access your bank accounts, etc. if you get stuck out of town and need short-term assistance, or if you are in a hospital and physically cannot do these tasks yourself due to your incapacity. Spouses should have POA’s for one another as financial institutions often refuse to speak with a spouse who is not on an account.
Healthcare Power of Attorney: Accidents and illness happen. Whether you experience an emergency related to COVID or have some other medical crisis while away from home, a Healthcare Power of Attorney will inform doctors of your wishes and intentions. It will also provide them with the designation of who your decision makers are (your healthcare agent) until you are well enough to make your own healthcare decisions.
HIPAA Authorization: Having a HIPAA will help cut through legal red-tape and provide your loved ones the authorization they need to access your medical records in an emergency. It also gives medical personnel the authority to communicate with your designated agent, family members, or loved ones.

We want to remind you that you do not have to travel with these documents, but to give you legal protection and peace of mind, you need to have easy access to them. You have this access if you carry the Legal directives card that we have provided to each of you, our clients. This will provide you with immediate 24/7 access should you experience an emergency while on vacation or traveling.

If you are not a current client and would like this same confidence and peace of mind, please know that we are here to help. Just call the office at (757) 645-3176 or (866) 603-5976 and we will work to get you on the calendar as soon as possible to discuss your estate planning needs. If you are a current client, this is a reminder to get on the calendar for your Annual Maintenance meeting. Our calendar fills up quickly so get the date and time that suits you best by calling soon!

We started this year on an incredibly positive note! Our first Coffee with Donna in 2022 featured speaker Jeff Byrd, who explained how positive thinking affects our brain and heals in a greatly beneficial way! A big Thank You to Jeff for his time and the wonderful information! For those of you in the Maintenance program that missed it and would like to view the session, contact us and we will send you the link when it is ready for your viewing.

Sign up on our events page at www.wilsonlawplc.com for future Coffee with Donna. Also, investigate our website for our other exciting workshops and seminars this year, in addition to the educational monthly blogs. Join us in 2022 for new adventures and learning throughout the year.

As always, we are here to serve our clients and our community. Do not hesitate to contact our office for help with your questions and planning.

Best Regards,

Which Type of Financial Power of Attorney is Best for Your Needs?

Most people have a basic understanding of what a Financial Power of Attorney does. However, not all Powers of Attorney documents are the same, and the rights you are afforded depend on how the document is created. A conversation with an experienced estate planning attorney is usually wise.

Let us start first with the basics: a Financial Power of Attorney is a document that allows you to name someone (called an agent or attorney in fact) to oversee your financial and personal matters if you ever become incapacitated, or if you just do not want to manage your affairs anymore. Within the document, you can also place limits on the duties of your agent. This can give you the extra peace of mind that they will act only in your best interests.

To decide which Power of Attorney will be best for your situation, it is important to have a clear understanding of the limits and objectives of the document. For example:

Are you feeling that soon you may no longer be able to—or do you no longer care to—manage your financial affairs by yourself?
Are you traveling outside of the country for an extended period of time?
Do you need a limited matter taken care of, like a real estate closing, but cannot deal with it personally?

Once you have answered these questions, it is time to speak to an attorney to find out which type of Financial Power of Attorney best suits your needs.

Durable Power of Attorney with Certification of Authorization by Principal

If you have executed a Certification of Authorization by Principal attached to your Durable Power of Attorney this acts as an Immediate Power of Attorney which allows your agent to manage your financial affairs as soon as the ink dries on the document’s signature line. The power of attorney becomes immediately and fully effective. As we age, many people like the immediacy of this certification in their Durable or General Power of Attorney because it allows their children, other trusted family members, or loved ones to oversee their financial affairs and lets the person focus on the more enjoyable aspects of life.

Springing Power of Attorney

The Springing Power of Attorney is remarkably similar to the Durable Power of Attorney but with one main difference: the Springing POA only works if the health care professionals deem you to be incapacitated, or if some other pre-determined situation happens. Younger people often use the Springing Power of Attorney since they usually have no need to hand immediate financial control to their agents.

Specific General Power of Attorney

Most Durable and Springing Powers of Attorney are also General, meaning that they include a broad variety of powers that the Agent has. However, a Specific General Power of Attorney can also be restricted so it is only in effect for a set time frame, and it also ends if the individual giving the POA becomes incapacitated. Such a General Power of Attorney is often used by individuals who are traveling for lengthy hiatuses and need others to pay their bills and make other financial decisions while they are gone.

Limited Power of Attorney

The Limited Power of Attorney gives an agent control only over extremely specific interests, and usually for just a brief period of time. These documents are most commonly used in real estate sales when the seller or buyer is unable to attend the closing.

Have more questions about Power of Attorney documents? Or would you like your Power of Attorney reviewed to make sure it still fits your needs? Call us to schedule an appointment.

Upcoming Events

Check out our website www.wilsonlawplc.com on our events page as we schedule our upcoming events! Also look for us on our Facebook page and our other social media. We hope to see you at some of our local events below. Enjoy your March!

Celtic Woman

GRAMMY nominated global music sensation brings Postcards from Ireland

March 11, 2022, 7:30 PM
Sadler Center, Virginia Beach

“Postcards from Ireland celebrates the rich musical and cultural heritage of Ireland, taking audiences on a journey of story and song from across the Emerald Isle. Embrace an evening of angelic voices, breath-taking harmonies, and instrumental virtuosity, transporting you from your theatre seat to the lush landscapes of Ireland.”

"Fiddler on the Roof"

MAR 14, 2022, at 7:30PM
Ferguson Center, Newport News

“Tony®-winning director Bartlett Sher brings his fresh take on a beloved masterpiece to life as "Fiddler on the Roof" begins a North American tour direct from Broadway. A wonderful cast and a lavish orchestra tell this heartwarming story of fathers and daughters, husbands and wives, and the timeless traditions that define faith and family. To love! To life!”

THE SIMON & GARFUNKEL STORY

MAR 18 - 20, 2022
Chrysler Hall, Norfolk

Cole Swindell: Down to The Bar Tour

March 17, 2022
Chartway Arena, Norfolk

With Special Guests Travis Denning & Ashley Cooke

MarsCon Sci-Fi Convention

March 18^th- March 20^th
DoubleTree Hotel -Williamsburg

For more info, go to www.marscon.net

Queens Lake 5K Run
March 26, 2022

This race is the 28th annual race starting in New Quarter Park located near Queen Lake. This is a “flat out-and-back course with loop into Queens Lake residential neighborhood.” You can register online or on Race day from 7:30-8:45. T-shirt size is only guaranteed to those who register by March 18, 2022.

The Ruins of Presidents Park

Sat, March 26, 2022
9:00 AM – 8:00 PM

“Several remnants from the original tourist attraction that was open from 2004-2010 will be on display as accompaniments to the 42 decaying sculptures that have now fallen into a significant state of disrepair. The mementos that will be on display include several of the original placards, park signage, vintage Park images, an authentic First Lady dress and much more.”

TICKETS ARE LIMITED

Spring Engagement Bridal Expo 2022

March 27, 2022
Hampton Roads Convention Center

Attend the Spring Engagement Bridal Expo on Sunday, March 27, 2022, starting at 2pm. Call for information at (757) 315-1610.

Did you read our blog this month?

Be sure to stay up to date with the latest news from Wilson Law by clicking here.

Recipe Corner

Orange Glazed Turkey (or Beef) Meatball

Servings

15 (2 meatball)

Ingredients

1 Egg
1/4 Cup(s) Milk
1/2 Cup(s) Plain breadcrumbs
1 Teaspoon(s) Salt
1/2 Teaspoon(s) McCormick® Poultry Seasoning
1/4 Teaspoon(s) McCormick® Ground Pepper Black
1 Pound(s) Ground turkey (or Beef)
1 Tablespoon(s) Olive oil
1/2 Cup(s) Chicken broth
1 Cup(s) Orange marmalade
1 Tablespoon(s) White wine vinegar
1 Pinch McCormick® Ground Cayenne Red Pepper

Directions

1. Beat egg and milk in large bowl. Stir in breadcrumbs, salt, poultry seasoning and pepper. Add ground turkey (or beef); mix well. Cover. Refrigerate 1 hour. Shape into 1-inch meatballs.

2. Heat oil in large skillet on medium heat. Place meatballs in single layer in skillet. Cook until well browned on all sides. Remove meatballs from skillet. Set aside.

3. Mix orange marmalade, broth, vinegar and red pepper in skillet on medium heat. Bring to boil, stirring to release browned bits in bottom of skillet. Return meatballs to skillet. Reduce heat to medium-low; cook 10 minutes or until meatballs are cooked through and sauce has reduced to glaze consistency.

*Recipe and Photo Courtesy of McCormick & Company, Inc.

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Newsletters

February Newsletter 2022

Dear Cherished Clients, Advisors, Colleagues, and Friends,

Which Type of Financial Power of Attorney is Best for Your Needs?

Upcoming Events

Did you read our blog this month?

Recipe Corner

Orange Glazed Turkey (or Beef) Meatball

Contact Us