Salem, Massachusetts, United States - August 2, 2022 —
Choosing the cheapest Power of Attorney (POA) won’t necessarily mean the best option if it costs more financially in the long run, warned Salem’s Elder Law attorney Christopher T. Casey.
For more information please visit https://www.caseylundreganlaw.com.
The Partner of Casey Lundregan Burns, P.C., urged people to think carefully over the correct POA, especially if living trust issues or decisions around incapacitation come into play.
“The exact authority given to the attorney-in-fact under a power of attorney is dictated within the document, so those powers must be clearly defined,” commented Casey. “Cheap, generic powers of attorney could be the costliest decision, especially when it comes to asset protection, or those surrounding legal and medical issues.”
He elaborated: “When we talk about Medicaid asset protection if the POA does not define a power to protect an asset transaction that has effectively cost you the value of that asset.”
General powers of attorney are no good to an agent who needs more detailed provisions to ensure seamless decision-making.
Casey advised those handed responsibilities for a POA, for example, for a spouse or parent, should have an estate planning attorney review it to determine whether it’s suitable.
“A POA is only as good as the financial institutions it is presented to. If they believe it’s not specific enough, they will not accept it. This would be just like not having one at all.”
This could well come into play on Medicaid issues, such as adopting a Miller Trust for a parent or spouse whose income exceeds the statutory limit.
Casey concluded: “Waiting until after someone becomes incapacitated or unable to sign documents to affect their long-term care will be too little too late if a POA doesn’t accurately reflect what you require. That poorly written power of attorney could return to haunt you when you need it most.”
Source: http://RecommendedExperts.biz.
Contact Info:
Name: Christopher T. Casey
Email: Send Email
Organization: Casey Lundregan Burns, P.C
Address: 71 Washington Street, Salem, MA 01970
Phone: 978-741-3888
Website: https://www.caseylundreganlaw.com/
Release ID: 89079403
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