Beyond the Will DO YOU NEED A HEALTH CARE PROXY?
It can be difficult to think about, but imagine being rushed to the hospital after a sudden accident. You’re unconscious and unable to speak. Do you know who will make critical decisions on your behalf? This is the role of a surrogate decision-maker. If you haven’t created a health care power of attorney naming a health care proxy, default surrogate decision-making will come into play.
don’t always know. This is why planning is essential — so your wishes are understood and respected. Avoiding Confusion and Uncertainty If you have preferences about medical treatments, don’t keep them a secret. Discussing them with your closest friends and family members is always advisable so everyone understands and is on the same page. Designating a health care proxy takes things a step further. You can choose anyone as long as they are competent and at least 18 years old. Many people also choose an alternative surrogate to make decisions if their primary choice is unavailable. The designation document must be signed in the presence of two adult witnesses, although requirements may vary by state. Reviewing designations every few years and after major life events will keep them current. As with all long-term plans, taking a few steps now will give you peace of mind and ensure your wishes are clear. In the case of surrogate decision-making, planning also ensures your voice is heard even when you can’t speak for yourself.
Most of the time, your next of kin will fill this role. State statutes vary, but the order of priority typically starts with a person’s spouse or domestic partner. From there, it moves to adult children, parents, and siblings. Some states also authorize close friends with default surrogate decision-making powers when others with higher priority are unavailable. Preparing for the Unexpected The process for granting decision-making powers in critical health care situations is well thought out but imperfect. What happens when there are complex family dynamics or an estranged relative is legally first in line to make decisions? What about family members who can’t agree? Real-life situations can get complicated fast. Fortunately, default surrogate decision-makers must consider the known values and wishes of the person they represent. Health care professionals must also follow these wishes, which they
MELTDOWN AND MASTERSTROKE
Celebrity Investment Tragedy and Triumph
The financial antics of A-list celebrities are always fascinating, especially when their economic exploits involve vast sums of money most of us can only dream of having. Here’s a tale of a celebrity investment gone horribly wrong — and a look at one positive decision that shook the universe. From Georgia to the (Almost) Poor House Legendary actress Kim Basinger has been landing on marquees and in headlines for decades, but 1989 was undoubtedly the most memorable year of her career. That March, she bought an entire town — Braselton, Georgia — for $20 million (roughly $55 million today) with dreams of turning it into a film-themed tourist destination. Her high ambitions matched her box-office charm at the time, as she was mere months away from starring as Vicki Vale in director Tim Burton’s “Batman,” the year’s highest-grossing film. Unfortunately, even the Caped Crusader couldn't save her from an eventual financial calamity. Just five years later, bankruptcy loomed as bad financial decisions left her in serious debt. Sadly, her Braselton dreams went bust and she was forced to sell the land for a mere $1 million. 20 (or 600) Million Reasons to Get Stock There’s no doubt actor William Shatner has made a pretty penny in his career, but how wealthy he became through his stock choices in particular is a matter of debate. Although he’s best known for his legendary role as
the intergalactic traveler Captain Kirk on “Star Trek,” his most lucrative role may have been as the spokesperson for Earth-based travel service Priceline. Impressed by what the company offered, he declined his acting fee in favor of taking stock in the fledgling enterprise . Depending on the news source, Shatner’s decision yielded either an unbelievable $600 million-plus or a measly $20 million. While that’s a pretty wide margin, even the lower figure indicates some shrewd business sense in making an impressive fortune out of reading a few lines in front of a TV camera.
2 ∙ www.Roberts.cpa
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