In New York State, a gifting rider grants an agent the power to gift assets and resources. In addition, an agent may utilize the gifting rider to transfer assets out of the principal’s name for Medicaid purposes. For this reason, incorporating a gifting rider into a comprehensive power of attorney may be essential to managing and protecting assets in the event the principal becomes incapacitated. In addition, without a gifting rider, an agent is limited in their power. Continue reading “Adding a Gifting Rider to a Comprehensive Power of Attorney May Assist During Catastrophic Events”
A power of attorney is an advance directive that is designed to designate an agent to make financial decisions on a person’s behalf in the event he or she becomes incapacitated. There are a number of benefits to developing a comprehensive power of attorney.
Establish Who Will Make Decisions on Your Behalf
In the event that a person becomes incapacitated and can no longer make decisions, a designated agent that you trust will now be able to act on your behalf to make important financial decisions. If a person does not have a comprehensive power of attorney, a guardianship proceeding may need to be commenced. Continue reading “Benefits of Establishing a Comprehensive Power of Attorney”
Elder financial abuse is a form of exploitation against seniors and older persons that may include, but is not limited to, taking money, property or assets. Older adults who suffer from physical or mental disabilities, such as dementia, or experience feelings of isolation, loneliness or loss may be more susceptible to elder financial abuse. Continue reading “Protecting Loved Ones Against Elder Financial Abuse”
With baby boomers entering retirement age, more adult children are undertaking the role of caregiver to meet their loved ones’ needs. According to the National Alliance for Caregiving and AARP, as many as 34.2 million Americans have provided unpaid care to an adult age 50 or older in the last 12 months. Caregivers are often called upon to assist with a loved one’s estate plan to ensure that his or her wishes for assets and health are met. An important aspect of estate planning is power of attorney, a document that authorizes someone to make and implement financial and other important decisions.
Continue reading “How the Establishment of a Power of Attorney Can Benefit Loved Ones”