Estate Planning No. 2:
Have You Done Your Lifetime Planning?

Genta Hataoka
Attorney and Counselor at Law
Investment Analyst
Law Office of Walter Wm. Hofheinz
© 1999 Genta Hataoka

 

I. Introduction: Generation Shift - "Sedai-kohtai"

• If something happens to me, who is going to take care of my family?
• If I became incapacitated, who is going to take care of myself?
• If something happens to my father, mother, etc., who is going to take care of them?

These typical questions are becoming more common and immediate concern for everybody because the generation shift is taking place world-wide. Baby bombers are aging, and the need for the care has increased and will increase more.

II. Why people should have "lifetime planning"?

A. Life in Japan: Somebody in your family will help. But....
Traditionally - the eldest son, and so on.
Recent developments in Japan
· Fewer traditional family units
· Lack of necessary means such as financial resources or manpower (fewer number in younger generation to take care of them !!!).
B. Life in America: Fewer if not zero family member to help each other.
Traditionally - the company will help you, but not anymore.
Jurisdictional questions
· If something happens to you, you are in America but your family members are not America; or
· If something happens to your family members in Japan (typically parents), you are not in Japan.
All of these factors have created the need for family members to discuss and plan how they can assist one another in advance of adverse life events requiring assistance.

III. Four lifetime essential/helpful planning documents

• Durable Power of Attorney: allows someone to manage your property without the need for a court-supervised guardianship
• Medical Power of Attorney: allows someone to make health care decisions for you when you are unable to do so
• Directive to Physicians under the Texas Natural Death Act (a "Living Will"): allows you to indicate your wishes regarding whether extraordinary life support measures should be undertaken even when you are terminally ill, without a chance of true recovery
• Designation of Guardian: allows you to designate, and exclude from serving, persons to act in the capacity of guardian; especially important to non-traditional couples