 |
Estate Tax
Probate & Non-Probate Assets
Wills
Durable Power of Attorney
Medicaid
Income Tax: Step-Up In Basis
Gift Taxes
Titling Your Assets
Living Trusts
Avoiding Probate Court
Living Will &
Healthcare
Power of Attorney
Organizer of Information, Document Locations, and Funeral Arrangements
|
|
| |
 |
|
|
Versatility is vital. Probably the most versatile tool for estate planning is a Durable Power of Attorney with a gift provision. This provision can grant power for gifts of money to decrease estate tax or to help with Medicaid planning should the Power of Attorney maker need skilled care. Consider this essential document in your estate planning.
|
|
|
To learn more about
Planning Your Estate
Contact Us to Schedule a Visit
|
|
A Durable Power of Attorney is a legal document signed by the maker designating an attorney-in-fact (usually a trusted family member or friend) to have the power to handle legal affairs during the maker's lifetime. The Power of Attorney can be “general” which covers many activities or “special” which limits the power given to specific actions, such as the sale of a piece of real estate. The word "durable" just means that the power granted endures any disability of the maker, so almost all Powers of Attorney are durable.
- To allow for transactions to occur during a short term absence or incapacity.
- To avoid the need for a guardianship should a person become incompetent.
- To allow for gifts to be made to lessen estate tax liability
or save some assets from passing to a nursing home should
your health decline and full care becomes necessary.
Attorneys-in-fact have the power over the property of the maker during lifetime, but not power over the person. A guardianship through Probate Court would be required for power over the person.
All attorneys-in-fact, when acting on behalf of the makers, should be certain that all transactions are able to be clearly accounted for. All monies received on behalf of the maker should be deposited in a bank account. All payments made from the maker's funds should be paid by check.
|
|
