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Martin Shenkman. Powers of Attorney
CHAPTER ONE. Introduction
Healthcare Decision Making
Bottom Line Up Front
What Is a Power of Attorney?
The Bigger Picture
CHAPTER TWO. The Process of Obtaining a Power of Attorney
What Do You Tell Your Agent?
Should You Give Your Agent a Copy or Original of Your Power of attorney?
What Data Does Your Agent Need?
Passwords, Account Numbers and User Names
CHAPTER THREE. Should You Get a Power of Attorney Online?
Knowledge Is the Key
Using an Experienced Estate Planning Attorney Is Key
Compare Total Costs, Not Just Upfront Costs
Free Can Be Better Than Cheap
My Internet Power of Attorney
Bottom Line
CHAPTER FOUR. Terminology and Jargon
Power of Attorney or simply Power
The Players
Duration of Your Power
Scope of Your Power
When Should Your Power Become Effective?
Types of Forms
CHAPTER FIVE. Naming an Agent
What Characteristics Should an Agent Have?
What Skills Might Not Be So Important for Your Agent?
Should You Name Joint Agents?
Should You Name Multiple Agents But Permit Each To Act Independently?
Name Successors
How the Agents You Name Might Compare to Fiduciaries Named in Other Documents
CHAPTER SIX. Common Powers or Rights to Give your Agent
Why Powers of Attorney Contain Long Lists
More Is Not Necessarily Better
Bank Powers
Legal Actions
Business Powers
Social Security and Government Benefits
Real Estate
Retirement Assets
Digital Assets
CHAPTER SEVEN. Special Powers or Rights to Give Your Agent
Disclaimers
Taxes
Gift Powers
Trust Powers
CHAPTER EIGHT. Using Your Power of Attorney to Protect Yourself During Disability
Disability Insurance Coverage
Consider a Living Trust
Checklist of Steps to Ready Your Plan to Work in the Event of Your Disability
CHAPTER NINE. The Power of Attorney’s Relationship with Other Estate Planning Documents
CHAPTER TEN. Legal Formalities to Consider
CHAPTER ELEVEN. What You Should Know if Acting as an Agent. The First Step: Consult an Attorney
Which Attorney Do You Consult?
What to Bring to the Meeting with the Attorney
What to Ask an Attorney
Get Relevant Third Parties to Recognize the Power
Involve the Principal to the Extent Feasible
Self-Dealing Should be Avoided
Be Wary of Possible Conflicts
Recordkeeping and Reporting
Investing Assets
Financial Road Map for You as Agent
Gifts Historically Made
Credit Reports
Divorce
Guardianship
CHAPTER TWELVE. Conclusion
APPENDIX A. Checklist of Decisions for Your Power
APPENDIX B. Special Considerations for Those Living with Chronic Illness or Disability
Authorization for Attorney to Communicate and Act
Preserving Your Independence
Residence
Compensation of Your Agent
Safeguards
APPENDIX C. Special Religious Considerations
APPENDIX D. Technicalities of Gifts Under a Power. The Right To Make Gifts might Remain Important
The IRS Challenge to Gifts by an Agent
Using a Guardian to Make Gifts
ABOUT THE AUTHORS
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Estate planning is part of financial planning that primarily involves taking steps today to address the possible risks and costs that may occur in the future that could undermine your financial, personal, or legal security. Consider:
•You head off on your dream cruise around the world—12,966,000 Americans are estimated to have taken cruises in 2014. The day you depart your bank erroneously bounces a check you deposited to cover expenses while you were gone. Who can deal with the problems that result while you are pondering the rolling waves and blue sky?
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This book will help you understand the terminology of a power of attorney, some of the key decisions you might need to make to guide your lawyer in properly preparing a power of attorney for you, and several of the many options that should be considered. We’ll explain how your power of attorney relates to your other estate planning and documents. Finally, you will get some practical suggestions on how to address your financial and legal affairs to maximize the benefits of your power of attorney. Merely securing an adequate (or even good) legal document alone will not suffice. After you read this book, you’ll understand why, and you’ll know what to do to prepare the power of attorney you need.
Think you are too young or too healthy to need a power of attorney? Think again! According to a recent study, only 24 percent of workers have a backup plan for retirement income if forced into retirement sooner than expected. For most people, more planning is critical. A power of attorney is merely one component of what should be a comprehensive plan to address the challenges of illness, disability, and aging. For example, if you don’t have an adequate disability income replacement policy, you might have a great power of attorney document, but if your agent does not have adequate financial resources to work with, they will never really be able to help you and your loved ones in the manner you had hoped for. Comprehensive planning, not just a document, is always best.
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