Property Powers of Attorney-Sometimes referred to as a "durable power of attorney," this document will allow a trusted friend or family member act as your "agent" in the event that you no longer have the capacity to do so. Instances where an incapacity could occur might include Alzheimer's disease or a severe stroke. A Property Power of Attorney can also be used for to authorize "gifiting" of your assets for Medicaid planning purposes*. This document can help you avoid the necessity of a guardianship. *Gifting is not included in most Power of Attorney and must be used carefully. Additionally, there are numerous restrictions on how, when and what can be done prior to applying for Medicaid. Consult us BEFORE you take any actions.
IMPORTANT NOTE: In 2011, the State of Illinois changed its laws to place more accountiblity on individuals named as Agents under Property Powers of Attorney. It is important that the Agent, understand among other duties that: you can only use the persons' money to spend on that person (not yourself); you MUST NOT combine the other persons' money with your money and you MUST keep records of ALL of your financial transactions.
If you violate the rules associated with being a Power of Attorney, the Court can order you to repay funds to the person's estate out of your own funds! If in doubt, talk with us BEFORE you undertake your duties as a Power of Attorney!
A PROUD MEMBER OF THE NATIONAL ACADEMY OF ELDER LAW ATTORNEYS