Power of Attorney New Port Richey

Why Do I Need A Power Of Attorney?

Why should I have a power-of-attorney if I have already added my children to my bank accounts?

Although the children would be able to pay the bills from the bank accounts, they would not be able to sign hospital admission papers, nursing home agreements, or any other legal documents without a power-of-attorney, unless they were willing to personally obligate themselves for the bills, regardless of how high they may go.

By signing as POA, they are only agreeing to pay bills as long as the parents’ money is available. With privacy laws that are in place these days, the children may not be able to get any information regarding the health issues without a valid power-of-attorney or health care surrogate form.

What Makes Durable Power-Of-Attorney Different?

What is the difference between a Durable Power-of-Attorney and any other Power-of-Attorney?

Any Power-of-Attorney that is not “Durable”, lapses or becomes invalid in the event the principal (maker) becomes incapacitated, but the language in a Durable Power-of-Attorney states that it is durable to survive incapacity, so that it is valid until the principal dies, or until the court appoints a guardian.  Since it is valid even after the person becomes incompetent or incapacitated, there is generally no need to have a guardian appointed, saving significant court costs and legal fees.

Author:  Bob Altman Bob Altman

estate planning attorney in new port richey

Estate Planning Services

Estate Planning is a lot more than just preparing a Will or a Trust.  The typical estate plan would include a Will, but should also include a Durable Power of Attorney, a Living Will Declaration and a Health Care Surrogate document.

In many cases, with appropriate planning, the entire estate may pass to the heirs or beneficiaries without any probate or trust proceedings.  Assets may be titled in a manner that will designate which beneficiaries will receive the assets in the event of death, and a Lady Byrd Deed may be utilized to transfer the title to the home property upon death.

When the estate exceeds the amount that can be given away without incurring estate taxes, additional planning will be required.  If distributions to the desired beneficiaries are complicated, a Revocable Living Trust may be advisable.  An additional Estate Planning document that may be important in the event of a second marriage later in life is a Pre-Nuptial Agreement, to assure that each spouse’s assets go to the desired beneficiaries.

Read More at:  http://altmanlawoffices.com/estate-planning/

Topic:  Estate Planning Services  in New Port Richey and Surrounding Areas

Law Offices of James J. Altman
5614 Grand Blvd  New Port Richey, FL 34652
(727) 835-5517

 

Featured Attorney – Robert “Bob” Altman

Robert N. Altman, known by his friends as “Bob”, was born and raised in New Port Richey, Pasco County, Florida. He was active in youth sports and lettered in eight varsity sports at Gulf High School in New Port Richey. In his high school graduating class he was voted “Most likely to succeed.”

After high school he attended Western Carolina University, and after graduating he went on to Stetson University College of Law for his law degree. Since graduating from law school in 1981 he has worked in his father’s law practice in downtown New Port Richey, Florida. He achieved Board Certification through the Florida Bar Association in Wills, Trusts and Estates, and specialized in Estate Planning and Real Estate law in the family law practice. He has been active in his community, having served as the President of the North Suncoast Estate Planning Counsel; President of the Seven Springs Rotary Club; Chairman of the Odessa Festival and Rodeo; Chairman of Deacons and Chairman of Trustees at the First Baptist Church of New Port Richey; along with being a member of various other charitable boards and organizations.

He has been active with the Florida Bar Association, serving on the Executive Counsel of the Real Property, Probate and Trust Law Section for more than twenty years. He and his wife raise miniature horses and enjoy gardening. They have two sons, one of which plans to go on to law school and follow in his father’s footsteps.