 DURABLE POWER OF ATTORNEY
For Power of Attorney
in New Jersey Assistance
There are several types of Powers of
Attorney which are used as estate planning instruments.
-
Specific Power of Attorney: for a limited purpose.
-
Time-Sensitive Power of Attorney: for a limited time
period.
-
Springing Power of Attorney: only
in effect when a person is deemed to be incapacitated or unable to
handle their day-to-day legal and financial affairs. This usually
requires the written evaluations of two medical professionals. This
can present problems as some individuals may have lucid intervals,
but may still not be able to handle their legal and financial
affairs on a day-to-day basis--- but the medical.
-
Immediate Power of Attorney: this
is in effect immediately. This is akin to giving someone an "extra
set of keys".
-
General Durable Power of Attorney: covers virtually
all legal and financial powers and has no expiration date.
Although we will taper a
Power of Attorney to meet a client's needs, we generally recommend
instrument which is:
In order to successfully
prevail with the many aspects of the financial and legal world, our
Powers of Attorney are nearly 30-pages long!
This estate planning document gives someone a wide range of
powers in overseeing financial and legal decisions of a particular
client.
This document is very vast, yet very precise. It has to be this way in
order to pass scrutiny by Medicaid, the IRS, and other institutions.
The routine 2-3 page Power of Attorney, frequently used by law office
for real estate closings or banking powers may not be adequate.
Our Powers of Attorney specifically list the exceptions to the
Medicaid 5-yr. lookback rule as authorized by the DRA (Deficit
Reduction Act of 2005). Thus, the agent can activate Medicaid planning
and long-term care planning on behalf of the client.
Certain legal and financial institutions may attempt to frustrate an
individual when they are acting on behalf of their loved one. They may
argue that the 2-3 page Power of Attorney doesn't
precisely specify the ability for the agent to act in the capacity
desired.
Our 30-page Power of
Attorney speaks for itself with regard to with regard to being precise
and specific.
Failure to name a Power of Attorney agent may invite the expense and
delay of litigation.
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