Leading Estate Planning Lawyer Fred Haiman, founding partner of Haiman Hogue PLLC in Frisco, TX says opting for the cheapest Power of Attorney could cost you financially in the long run. For more information please visit https://www.haimanhogue.com
Frisco, TX , United States - May 10, 2021 /MM-REB/ —
Opting for the cheapest Power of Attorney won’t necessarily mean the best option if it costs you financially in the long run, warned Fred Haiman, founding partner of Haiman Hogue PLLC in Frisco, TX
For more information please visit https://www.haimanhogue.com
The Frisco, TX, lawyer urged people to carefully consider the right Power of Attorney, especially if you need it to carry out any living trust matters or decisions that come into play if they become incapacitated.
“The exact powers that are given to the agent of the power of attorney are dictated within that document, so those powers have to be clearly defined,” commented Haiman. “Cheap, generic powers of attorney could well turn out to be the most costly decision, especially when it comes to asset protection, or those surrounding legal and medical issues.”
Haiman 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 you the value of that asset.”
General powers of attorney will be no good to an agent who needs more detailed or critical provisions to make seamless decision-making.
Haiman advised those who are handed responsibility for a POA, for example, for a spouse or parent, they should have an estate planning lawyer review it to determine whether it’s suitable and detailed. A POA is only as good as the financial institutions that it’s presented to, so if they feel it’s not detailed or specific enough, they will not accept it. This would be just like not having one at all.
This could well come into play on issues surrounding Medicaid, such as adopting a Miller Trust for a parent or spouse whose income exceeds the statutory limit.
“Waiting until after someone becomes incapacitated and unable to sign documents to affect their long-term care will be too little too late if that cheap power of attorney doesn’t give you exactly what you require,” he concluded.
“A cheap, inappropriately written power of attorney could well come back to bite you financially and at the worst possible time.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com
Source: MM-REB
Release ID: 89012817
