In this Elder Law Minute, Wes Coulson discusses Powers of Attorney for property, and how they could or could not fall short.
Hi, I’m Wes Coulson from Coulson Elder Law in O’Fallon, Illinois and St. Louis, Missouri, serving clients throughout the St. Louis area, and this is your Elder Law Minute. I like to tell people that Powers of Attorney for Property are a little bit like tool kits. You go to the hardware store, and if you don’t know what you are looking for you tend to get a basic tool kit. But, that tool kit (if you need to do particular things) doesn’t necessarily have all of the tools that you need. That’s the case with Powers of Attorney. The basic form that you get that might fool you into thinking that everything is ok, gives the authority to do some basic things, but for me as an Elder Law attorney, there are some really important tools that aren’t in there.
There are things, that I say, fall under the category of being able to move things out of harms way so that we can get you eligible for Medicaid or VA benefits, being able to set things up so that you can avoid probate, moving assets into or out of a trust that can be really helpful. The lesson here is that it’s not just a matter of having a Power of Attorney for Property. It is critically important that you have the right Power of Attorney for Property – One that is drafted by an Elder Law attorney who can realize from experience that this thing is going to work when the rubber hits the road.
If you don’t have that, then unfortunately your Power of Attorney may fail you when the chips are down.
Don’t let that happen – Give us a call. Get the right Power of Attorney in place.
- Also looking for information about Medicaid and Asset Preservation? Visit these articles:
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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 (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.