Whitney’s Tax Files is a video segment in which Whitney L. Sorrell, JD, CPA, MBA of Sorrell Law Firm, PLC answers commonly asked questions relating to Estate Planning, Tax, and Business Law. In this edition, Whitney explains the purpose of a Living Will.
“What is a living will?” A lot of confusion between a living will and a living trust. A living trust is a testamentary document that says, “Here’s who gets my assets when I’m dead, and here are the terms of them getting these assets.” A living will is very different.
A living will deals with the issue, you have a terminal health condition, you might be on life support, can we withdraw life support and let you die a natural death? The answer is any person has the right to refuse medical treatment. That right is a personal right. Someone else cannot exercise that right for you; you have to do it. The living will is the document where you exercise your right and say, “If I’m on life support, my condition is terminal and irreversible and the doctors agree, then I want my healthcare power of attorney to exercise my right to withdraw life support and let me die.” That’s what a living will does. Contact our office at 480-776-6055 to learn more!
Whitney Sorrell is a former IRS Revenue Agent turned tax attorney and CPA. Mr. Sorrell’s law practice focuses on business organizations and federal tax planning, IRS dispute resolution, asset protection planning for small business owners, and estate planning for nigh net worth individuals.