Estate Planning is a complex and in-depth process that is more than just preparing and disposing of your estate when you pass away. There are important questions and steps that must be asked and addressed. One of those steps that must be addressed is who should be able to take care of your finances in the event of your incapacity.
What is Power of attorney?
A power of attorney is a very powerful document that allows your agent, the person you designate, to act as you in a certain financial matter. If the power of attorney is durable it will continue to be effective even in the event of your incapacity. The amount of power given away is truly determined by the principal. The agent can be given power for a specific issue or for most financial matters. We recommend that immense powers be given to your agent. Due to this fact, we tell our clients that you need to have the utmost trust in your agent. We include a statutory gift rider with extended powers of gifting for Medicaid and Estate Tax purposes. This gives the agent flexibility to effectuate estate planning or Medicaid planning on behalf of the principal. The agent must act in a fiduciary capacity and only use the power of attorney to benefit the principal. The agent is responsible for keeping records for all transactions made on behalf of the principal.
Ira K. Miller & Associates has over 35 years of experience within estate planning & power of attorney. For further questions or to request a consultation please feel free to give us a call at (718) 875-2191 or fill out an online contact form.