Leading Estate Planning Lawyer Rory Clark founder of The Legacy Elder Law Center in Leesburg, VA explains the pitfalls of choosing a cheap Power of Attorney. For more information please visit https://legacyelderlaw.com

Leesburg, VA, United States - December 8, 2021 /MM-REB/ —

Choosing the cheapest Power of Attorney (POA) won’t necessarily mean the best option if it costs more financially in the long run, warns Rory Clark, founder of The Legacy Elder Law Center.

For more information please visit https://legacyelderlaw.com

The Leesburg, VA-based attorney 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 agent of a power of attorney is dictated within the document, so those powers have to be clearly defined,” commented Clark. “Cheap, generic powers of attorney could turn out to 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 will be no good to an agent who needs more detailed provisions to ensure seamless decision-making.

Clark advised those handed responsibility for a POA, for example, for a spouse or parent, should have an estate planning lawyer 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.

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.”

“That poorly written power of attorney could come back to haunt you when you need it most.”

source: http://RecommendedExperts.biz

Contact Info:
Name: Rory Clark
Email: Send Email
Organization: The Legacy Elder Law Center
Address: Market Station, 108 South Street, SE, Suite E, Leesburg, VA 20175
Phone: 703-988-7975
Website: https://legacyelderlaw.com

Source: MM-REB

Release ID: 89054246