What financial powers of attorney include and don’t include can end up making a tremendous difference at a critical time. For people concerned with asset preservation planning, this is incredibly important.
Think of the financial power of attorney as a tool kit, one that you’re building for the person that you’re naming as agent to do things on your behalf. A basic power of attorney includes the tools that fall under the heading of Pay My Bills, Manage My Finances, Take Care Of My Business. But, it doesn’t include the tools that fall under the heading of And Protect My Life Savings So That I Don’t Lose Them To Long-Term Care Costs.
In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, discusses financial powers of attorney and explains the importance of having asset preservation tools in place so the power of attorney will protect your life savings at a critical time.
Asset Preservation Planning and Financial Powers of Attorney: Why yours may not stack up at a critical time
Hi, I’m Wes Coulson and this is your Elder Law Minute. In a previous video, I talked to you about the importance of having powers of attorney in place. But, not just any power of attorney, oddly enough. What your power of attorney for property includes and doesn’t include can end up making a tremendous difference at a critical time. So, what do I mean by that?
Well, I want you to think of a power of attorney as a tool kit, a kit of tools that you’re giving for the person that you’re naming as agent to do things on your behalf. Not every tool kit includes the same tools. The basic power of attorney includes the tools that fall under the heading of Pay My Bills, Manage My Finances, Take Care Of My Business. But, it doesn’t include the tools that fall under the heading of And Protect My Life Savings So That I Don’t Lose Them To Long-Term Care Costs.
If you want to accomplish that, there needs to be other tools in the tool kit. And frankly, there are ones that elder law attorneys are aware of, from having dealt with those situations, that other attorneys may not be. So, make sure you have the right power of attorney in place. We can help you with that. Thanks.
For more information on powers of attorney, visit these articles:
- Why You Really Can’t Do Without Powers of Attorney
- Wills, Living Trusts and Powers of Attorney: How Often Should They Be Updated?
- Is Adding Someone’s Name To Accounts An Okay Substitute For A Power Of Attorney For Property?
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Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.