Top Estate Planning Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC urges people to think carefully about their choice of POA. For more information please visit https://www.elderlawfirm.com
Greensboro, North Carolina, United States - June 29, 2023 —
North Carolina Attorney Dennis Toman has warned that opting for the cheapest Power of Attorney (POA) could have a detrimental financial impact in the long run.
For more information please visit https://www.elderlawfirm.com
The founder of The Elderlaw Firm in Greensboro urged people to think carefully about their choice of POA, especially if living trust or decisions around incapacitation come into play.
He explained: “The exact authority given to a power of attorney is dictated within the document, so those powers must be clearly defined. Cheap, generic powers of attorney could be the costliest decisions, especially regarding asset protection or those surrounding legal and medical issues.”
Toman elaborated: “When we talk about Medicaid asset protection if the POA does not define a power to protect an asset transaction, then that has effectively cost 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.
Those given POA responsibility, such as a spouse or parent, should have an estate planning attorney review it to determine its suitability.
“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,” he cautioned. This could come into play on Medicaid issues, such as being able to access IRA fund to protect them.
He 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 give you exactly what you require. A poorly written POA could come back to haunt you when you need it most.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89100268
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