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The Importance of Powers of Attorney for Your College-Aged Children

Upon reaching the age of 18, many children will leave home and may head off to college. This legal milestone bestows upon them the rights and responsibilities of adulthood, including the ability to vote, build credit, legally execute binding contracts, and make autonomous medical decisions. The Health Insurance Portability and Accountability Act (“HIPAA”) further ensures that medical providers cannot disclose an adult’s medical information without explicit authorization to safeguard patient confidentiality. While adulthood symbolizes newfound independence for your children, it also imposes significant restrictions on your rights as their parent. Importantly, parents no longer have the legal authority to make medical decisions or receive medical information on behalf of their now-adult child, even in emergencies, unless they possess a health care power of attorney (“HCPOA”). An HCPOA is a crucial legal instrument that empowers an adult to designate a trusted individual to make medical decisions on their behalf if they become incapacitated. An HCPOA does not infringe on privacy rights, nor does it grant the designated agent unrestricted access to all medical information or absolute authority over medical decisions. Instead, an HCPOA ensures that the individual’s medical preferences are respected and their needs are met when they cannot advocate for themselves. The HCPOA allows for the inclusion of specific instructions and limitations tailored to the individual’s wishes. Including a HIPAA release in the HCPOA permits medical professionals to share pertinent medical information with the agent during an emergency. This dual approach of an HCPOA and HIPAA release provides a comprehensive […]

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Corporate Transparency Act

On January 1, 2024, the Financial Crimes Enforcement Network (“FinCEN”) enacted a new Federal law that requires compliance by closely held entities in 2024: the Corporate Transparency Act. The Act requires all foreign and domestic corporations, LLCs, limited partnerships, and other entities created through a government filing (subject to certain exemptions), to identify and provide personal information for key personnel—including any individual who owns a 25% or greater ownership interest in, or who exercises substantial control over, the company — by filing a beneficial ownership information (“BOI”) report with FinCEN. Existing companies have until January 1, 2025, to file an initial BOI report with FinCEN, but new companies must report within 90 days of formation (and starting in 2025, new companies will have only 30 days to report). Moreover, any changes in previously reported beneficial ownership information must be reported within 30 days of the change. The Act provides an exemption from filing a BOI report for various entities including governmental authorities, money service businesses, accounting firms, public utilities firms, insurance companies, investment companies, 501(c) tax-exempt entities, large operating companies that have more than twenty full time employees in the U.S., and inactive entities. To be considered inactive, an entity must meet the following six requirements: (1) the entity was in existence on or before January 1, 2020; (2) the entity is not engaged in active business; (3) the entity is not owned by someone who is not a U.S. resident or citizen; (4) the entity has not experienced a […]

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Dave Presents to Masters Students at CU Denver

In April 2022, Mychael Dave stopped by CU Denver to present to students seeking a Masters in Couple and Family Therapy. He spoke on Dissolution of Marriage and Allocation of Parental Rights concepts, the development of safety plans for spouses at risk of domestic violence during the divorce process, and concerns impacting therapists when they are subpoenaed to testify in court.

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