Durable Powers of Attorney
Financial Durable Powers of Attorney
A financial durable power of attorney is a legal document in which you select someone to manage your financial affairs according to your instructions. Without a financial durable power of attorney if you become incapacitated a Probate Court proceeding known as a Conservatorship would be necessary to manage your financial affairs. Conservatorships are a very expensive legal undertaking.
A financial durable power of attorney can either be effective immediately or only upon your disability. This choice is made by the client who also selects who (an Agent) will manage their financial affairs for them. Typically an alternate Agent is also selected.
The client, in consultation with the attorney, selects what the Agent may do for them. An Agent may only do what the document specifically allows them to do. As a general rule the Agent must act in the best interests of the person whose affairs they are managing.
A properly prepared financial durable power of attorney can be worded so that your assets are protected if you ever need long term care either at home, in assisted living or in a nursing home. Essentially this would involve a gift of your assets to someone that you pre select such as your spouse or children.
Many Durable Powers of Attorney fail to contemplate asset protection if long term care is necessary. Because the firm has extensive experience in assisting disabled clients’ qualify for Medicaid, we can ensure your documents will protect you from the catastrophic cost of long term care. Call our office today to set up an estate plan that protects you and your family.
HEALTH CARE – The firm regularly prepares advanced health care directives for clients. These documents are known by many different names and each has a particular use. A Medical Durable Power of Attorney or Patient Advocate Designation is the most common health care estate planning tool.
With a Medical Durable Power of Attorney you can designate someone to make medical decisions for you if you are unable to make health care decisions as determined by two medical doctors. The person you select is your Patient Advocate and it is practical to name an alternate. Your patient advocate will carry out your instructions about what type of medical care you want or do not want, especially in end of life situations. Typically the care you want or do not want is spelled out in a Living Will which should be incorporated into the Medical Durable Power of Attorney.
Without a Medical Durable Power of Attorney if you become incapacitated a Probate Court proceeding known as a Guardianship would be necessary for someone to manage your care. Guardianships are a very expensive legal undertaking that can be avoided with a Medical Durable Power of Attorney.
HIPAA privacy waivers are frequently prepared for clients so that their loved ones may be able to receive health care information and speak with doctors, hospitals and health insurance companies.
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