By Estate Planning Attorney Rick Law, Managing Partner at the Estate Planning Center of Law Elder Law in Chicagoland
An Estate Planning attorney can draft a power of attorney for property (financial decisions) to include one or more specific actions, such as for paying bills; but a power of attorney for property may also be all encompassing.
All-encompassing documents include the authority to cash checks, withdraw funds from bank accounts, pay taxes, trade stock, buy or sell property, take out loans, or take other actions. The all-encompassing document is best for clients with Alzheimer’s, but it is very important that they have an agent that they fully trust.
The following items are important to consider when having a power of attorney for financial decisions drafted:
- the power to apply for public benefits entitlements like Medicaid
- the power to make gifts from the client to specified loved ones such as a spouse and/or disabled child
- the power to do Medicaid-related asset protection
- if there is a trust, the power to remove and/or add assets to the trust
Lawyers can draft a financial power of attorney to be “durable,” which means that it remains valid and in effect even after the client becomes incapacitated.
If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now.
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 800-310-3100 for your free consultation now!