Protecting loved ones may include financial power of attorney

Providing encouragement and support to an aging parent is a high priority for many adult children in Georgia. Such care often includes helping a mother or father transition to an assisted living residence. It can be stressful and challenging to find a good facility. Protecting loved ones is not always easy when it comes to physical, emotional or economic well-being. Regarding the latter, a financial power of attorney can be a great asset.

If an aging parent suffers incapacitation in any form that renders him or her unable to do certain things, such as talk on the telephone, read documents or travel to and from meetings, he or she may designate a financial power of attorney. The person so-named would then have authority to act on his or her behalf in a financial capacity, whether making financial decisions or conducting bank transactions, etc. There is also a limited power of attorney, which means the person designated to act as such would be called upon to do so in a singular instance, as needed, as opposed to taking over all financial decisions or transactions. 

Another type of financial power of attorney is that which is enacted on a temporary basis, perhaps while a parent is traveling abroad. Such situations would typically be sans physical or mental incapacitation but necessary nonetheless if financial issues must be addressed in a parent’s absence. This type of power of attorney would typically expire once the parent returns from traveling.

Protecting loved ones where finances are concerned is an integral component of most long-term care plans or estate planning situations. It can be quite helpful to speak with an experienced elder law attorney to seek clarification of any state laws or regulations that may apply to a particular set of circumstances. A Georgia attorney can also help determine which type of financial power of attorney would best serve a particular purpose at a given time.

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Kevin Tharpe

With 25 years of experience, Kevin understands how estate planning, special needs planning, and government benefits programs work together. This is a crucial element of a thorough plan. He explains your eligibility for benefits programs and ensures that you do not make costly mistakes that may disqualify you or deplete your assets.

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