Not all powers of attorney are created equal. When planning for future incapacity, particularly if you anticipate requiring governmental benefits such as Medicaid, it is important that your financial power of attorney provide your agent(s) with all the powers he or she might need to provide for your elder law or special needs objectives. These powers may include, but are not limited to, the ability to:
– Create and fund revocable, irrevocable, or supplemental needs trusts;
– Make gifts above the annual exclusion amount or to him or herself, if necessary;
– Execute estate planning documents and other agreements, such as a caregiver agreement; and
– Change beneficiary designations on life insurance policies and retirement assets.
If you are planning for your future incapacity, make sure that your power of attorney grants your agent the powers he or she will need to accomplish your elder law and special needs objectives, so that your agent does not find themselves up the river without a paddle.
If you have any questions on this topic, please contact Attorney Emily E. Ames at eames@llattorneys.com or (920) 393-1190.
Disclaimer: The information in this blog post is provided for general informational purposes only, and is not intended as legal advice from Lin Law LLC or the individual author. Please consult an attorney licensed to practice law in your jurisdiction for information regarding your individual situation.