When is a Power of Attorney effective? The Power of Attorney is effective as soon as the principal signs it, unless the principal states that it is only to be effective upon the happening of some future event. These are called “springing” powers, because they spring into action upon a certain occurrence. The most common occurrence states that the Power of Attorney will become effective only if and when the principal becomes disabled, incapacitated, or incompetent. Okay. I’m ready to do something as an attorney-in-fact. What do I do? After being certain that the Power of Attorney…
What can I do as an attorney-in-fact? Powers of Attorney can be used for most everything but an attorney-in-fact can only do those acts that the Powers of Attorney specifies. Powers of Attorney should be written clearly so that the attorney-in-fact and third parties know what the attorney-in-fact can and cannot do. If you, as attorney-in-fact, are unsure whether or not you are authorized to do a particular act, you should consult the attorney who prepared the document. What can’t I do as an attorney-in-fact? There are a few things that an attorney-in-fact is forbidden to do…
A Durable Power of Attorney may be the most important of all legal documents. This legal document gives another person the right to do certain things for the maker of the Power of Attorney. What those things are depends upon what the Power of Attorney says. A person giving a Power of Attorney can make it very broad or can limit the Power of Attorney to certain acts. What can a Power of Attorney be used for? A Power of Attorney can be used to give another person the right to sell a car, home, or other property…
Read Your Documents Are all the names correct? Have all of your will or trust beneficiaries been listed? Are there terms and provisions you do not understand? Please let us know immediately if your documents are wrong or you don’t understand them. Decide Who Needs Copies of Your Documents It is seldom necessary that the personal representative you named in your Will have a copy of it. After all, a Will has no legal effect at all until your death. However, you may want your personal representative to know where you keep your Will ie safe deposit box,…
Trust funding plays a crucial role in estate planning and asset protection. Here are some key reasons why trust funding is important: Implements your long-term care plan and asset preservation: By properly funding your trust, you ensure that your assets are held within the trust and can be utilized to implement your long-term care plan, protect your assets from potential creditors, and preserve them for the benefit of your beneficiaries. Ensures your plan is executed for maximum protection: Trust funding ensures that your estate plan is executed according to your wishes and provides the best possible protection for both…
Don’t be misled by the misconceptions surrounding Long-Term Care (LTC). It’s crucial to understand the facts and realities of LTC products and services in order to protect yourself, your loved ones, and your future. Here are seven common myths about LTC debunked, empowering you with the knowledge to make informed decisions: Myth 1: “A government program will take care of me.” Fact: While government programs like Medicare, Medicaid, and veteran’s services may provide limited coverage for LTC services, qualifying for these programs is challenging, and they have specific requirements and limitations. Moreover, Medicaid recipients may face estate recovery after passing…
The term “Aging Care Plan” encompasses a wide range of medical and support services provided to individuals who have experienced a decline in their ability to function independently due to chronic illness or disability. These individuals are expected to require ongoing care over an extended period. Long-term care options include assistance provided at home by family members, with additional support from volunteers or hired caregivers, as well as adult day health care, assisted living facilities, or nursing homes. It is estimated that approximately 60% of the population will require long-term care at some point in their lives. When compared to…
The prospect of retirement is something many of us eagerly anticipate. With careful and thorough planning, retirement can provide the opportunity to spend quality time with loved ones, explore new destinations, and engage in long-forgotten hobbies. However, retirement planning extends beyond mere calculations. A successful retirement plan involves a comprehensive evaluation of your retirement goals, available benefits, and existing estate plan. Retirement marks the culmination of our time in the workforce. For those approaching this stage of life, the transition from an active career to retirement may seem daunting due to numerous variables. With the introduction of Social Security, the…
Receiving a diagnosis of dementia, specifically Alzheimer’s disease, for your mother can be overwhelming and unsettling. Even though she may still be able to handle certain tasks like driving, managing finances, and maintaining her home, it is important to address the situation proactively. This guide will provide you with essential steps to navigate the journey ahead as a family caregiver. Organize a Family Meeting: Schedule a regular family meeting to discuss the diagnosis and its implications. Include all family members, even those living in other cities or states. This meeting is an opportunity to decide on the next steps…
QUESTION ONE: Does Medicare cover skilled nursing or rehabilitation services? To qualify for Medicare coverage for skilled nursing or rehabilitation services, you must meet specific requirements: You are enrolled in Medicare Part A. You have remaining days in your Medicare Part A benefit period. Your physician recommends skilled nursing or rehabilitation services. You were admitted to a hospital and received care for at least 3 days. You are receiving your skilled nursing or rehabilitation in a Medicare-approved facility. If you meet these qualifications, Medicare will cover 100% of the charges for the first 20 days in a nursing and…
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