Power of Attorney by Paul E. Ferraresi

Powers of Attorney (POA) have become useful for disability planning. This tool is useful when someone cannot manage their own finances.

Unfortunately, most people do not keep their POA up to date. Yes, someone that they have granted the “power” to may have died, or, they themselves become mentally incompetent.

Another issue is that when one may become mentally incompetent, then, the POA tool is ended. To correct this make sure you have a “Durable Power of Attorney” (DPOA).

Keep in mind each state has its own rules and regulations on DPOA so check it out before proceeding.

As a backup and in conjunction with a DPOA, consider establishing a Revocable Living Trust for the management of all your assets.

As always we are here to guide you in all your financial planning needs.

Watch my new FREE webinar, How To Double Your Social Security Benefits While Reducing Your Taxes By 80% In Retirement, take advantage of the free offer at the end.

Check out our other blog, the Wealthy Future Blog, to learn all the principles of Missed Fortune, as outlined by best-selling author, Doug Andrew. The articles, audio and video programs will provide information which you will find both enlightening and empowering!

You can also visit our website at Founders Group to learn more about how we can help you optimize your assets or provide you with any financial advice.

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