A power of attorney is a legal device that you would use to empower an agent or attorney-in-fact to act on your behalf in a legally binding manner. There are various different reasons why you may want to grant this power, but a specific type of power of attorney is used to account for incapacity. We specialize in estate planning and elder law matters, and incapacity planning is an important part of the equation. People often become unable to make sound decisions on their own at some point in … [Read more...] about Why Do I Need a Power of Attorney?
A power of attorney is a legal document that you can use to give another person the ability to act on your behalf. It can be necessary to grant a power of attorney under some circumstances, but there is an inherent disadvantage that is readily self-evident. It can be disconcerting to allow someone else to act for you, but you are clearly going to name a representative that you trust implicitly. Plus, to protect yourself, you could grant a limited power of attorney. With a … [Read more...] about What Are the Disadvantages of a Power of Attorney?
We will examine the matter of termination in this blog post, but before we get into that specific topic, we should explain why powers of attorney are relevant when you are planning your estate. Comprehensive Planning Most people look at estate planning from a purely financial perspective, but you should think comprehensively. When you plan your estate, you should also consider the issues that you may face toward the end of your life. When you look at the facts, you see that people are … [Read more...] about When Does a Power of Attorney Terminate?
Government programs often have wordy names, so they are shortened to acronyms for convenience purposes. When they are very similar, things can get confusing, so we endeavor to provide clarity from time to time on our blog. With this in mind, we will look at SSI and SSDI in this post. Social Security Disability Insurance The acronym SSDI stands for Social Security Disability Insurance. You become eligible for SSDI coverage through the accumulation of retirement credits. … [Read more...] about What Is the Difference Between SSI and SSDI?
You may hear about incapacity planning and assume that it is something that applies to others. There will never be a time when you will become unable to handle your own affairs, right? Incapacity is something that only happens to other people. If you feel this way, you should understand the facts. Longevity Lifespans are getting longer as medical science improves. In addition to the advances in science, people are becoming more aware of the value of healthy lifestyle … [Read more...] about Is Incapacity Planning Really Important?
When you create legally binding documents of any kind, you are taking action to accomplish a personal objective. The documents do not call the shots; you are using the documents to satisfy certain goals. With this in mind, we will explain some things about the legal device called the power of attorney. General vs. Limited Power of Attorney When you create a power of attorney, you have options. There are general powers of attorney, and there are limited powers of attorney. The person … [Read more...] about When Does a Power of Attorney Become Effective?
Estate planning involves planning ahead for the things that will take place after you pass away. While this is an important part of the process, you should also consider the eventualities of aging and the potential for a guardianship proceeding. Incapacity Among Seniors Clearly, this is not the most pleasant subject to consider, but incapacity looms as a very distinct possibility. The oldest segment of the population is growing faster than any other. Once you reach the age of 65, it … [Read more...] about What Is the Difference Between a Guardianship and a Power of Attorney?
The matter of guardianship is something to take into consideration when you are planning your estate as a parent of a minor child. It can also come into play when you are preparing for the eventualities of aging. In this post we will look at some of the details. Nominating a Guardian If you have minor children still in the home, estate planning is a must for a number of different reasons. You want to make sure that your family has a financial underpinning to draw from if … [Read more...] about When Would a Guardianship Be Necessary?
Before we get into the matter of adult guardianship, we should provide some background information about incapacity. Estate planning is clearly going to revolve around financial issues for the most part, but you should also consider the eventualities that you may face toward the end of your life. Incapacity Planning There are various different causes of incapacity. When people become physically ill they sometimes become unable to communicate, and this is one form of incapacity … [Read more...] about What Are the Advantages and Disadvantages of a Guardianship?
In the legal field, a power of attorney can be used to appoint someone to make decisions on your behalf. Within the estate planning niche, durable powers of attorney are often used to account for the possibility of incapacity. Durable powers of attorney are used because they remain in effect if the grantor becomes incapacitated. Incapacity is quite common among elder Americans. There are various different causes of incapacity, some of them physical, and some of them mental. … [Read more...] about Who Can Act as an Agent Under a Power of Attorney?