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Your initial consultation is FREE. Your consultation with a Finkelstein and Partners attorney will explain the goal of the planning and the associated fees so you can make an educated decision as to if the planning is appropriate to meet the needs of you and your loved ones.
A durable power of attorney is a power of attorney that continues to be effective even after one is no longer capable of making decisions for one's self. If a power of attorney is not durable, it cannot be used after the person granting power of attorney becomes incapacitated.
Yes. A power of attorney can be tailored to meet an individual's needs. In the broadest measure, a power of attorney can be general and give an agent unlimited discretion to make all decisions on your behalf. A power of attorney can also be limited to provide that the agent can act on your behalf only with respect to a particular activity or activities (i.e.: act at a real estate closing or manage a particular account).
No. Only a health care proxy can be used to appoint someone to make health care decisions for another. A health care proxy is a legal document that can be used to protect your health care wishes. In the event you are unable to make your own decisions regarding your health care, the person you have appointed to be your proxy will know your wishes and act on your behalf.
Everyone should consider signing a power of attorney. A power of attorney is a legal document that allows a person to appoint another individual, called an agent, to act in one's place for the purposes stated in the document. Powers of attorney can be used to assist in managing day-to-day finances or to permit the agent to act on another's behalf in the event of a sudden emergency or to manage one's affairs if he or she should become incapacitated.
There are three documents all adults should have prepared in order to ensure one's wishes regarding health care are followed:
If your elderly loved one is turned down for long-term care insurance, or are unable to afford the premium, the next best option is a Medicaid Asset Protection Trust. There are many benefits to establishing a Medicaid Asset Protection Trust - in most cases it is irrevocable and protected from creditors, spending and divorce. Assets placed in this trust will not be accessible for long-term care expenses and will not be at risk due to overspending, thus protecting it from creditors.
Yes. Although, those individuals applying for Community Medicaid (Home Care Services) must pay income in excess of the Medicaid allowance toward the cost of care. Alternatively, the elderly individual can join a community pooled trust and then place surplus income into a trust sub-account of one's own.