Elder Law, Trusts & Estates, Medicaid, Probate GARDEN CITY, NY
The Makofsky Minute – Top 5 Reasons to Sign a Power of Attorney
Jun 20, 2016
Top 5 Reasons to Sign a Power of Attorney July 6, 2015
1. Incapacity – No one expects to have an accident, illness or other traumatic event resulting in incapacity. A Power of Attorney is critical because it allows you to appoint a trusted person to manage your finances should you become incapacitated.
2. Medicaid Planning – A properly drafted Power of Attorney can allow a trusted Agent to do more than manage finances. A Power of Attorney can allow an Agent to preserve your assets while also making you eligible for Medicaid benefits.
3. Tax Planning – A properly drafted Power of Attorney can allow an agent to file your tax returns and execute tax strategies to reduce potential gift and estate taxes.
4. Negate Court Interference – When a person becomes incapacitated without a Power of Attorney, a guardianship proceeding may be required. The Court may appoint a stranger as your guardian instead of a family member or friend.
5. Your Spouse Can’t Do It All – You may think that you do not need a Power of Attorney because
Since 1991, Makofsky Valente Law Group, P.C. (and its predecessor firms), consisting of a compassionate team of attorneys, paralegals and support staff, has devoted its efforts to providing competent and caring legal services in the areas of Elder Law, Trust and Estates, Probate and Estate Administration, Medicaid Planning and Applications, Guardianships, and Special Needs Planning. Founding Partner, Ellen G. Makofsky, is a Certified Elder Law Attorney ("CELA").*