By signing a durable Power of Attorney (POA), you can authorize your agent to manage your assets and income if you are unable to do so and implement Medicaid planning to protect your assets. The POA authorizes another person to act on your behalf to perform any number of specified acts, such as: real estate transactions, banking, operation of a business, insurance or lawsuits.
To authorize the agent to make gifts, gift-giving authority must be initialed by the principal (person who signs a POA) and accompanied by a Gifts Rider (GR) acknowledged and witnessed by two witnesses in the same manner as the execution of a will. Specific provisions in the GR grant the agent authority to create, revoke, modify and fund living trusts; designate insurance beneficiaries; create joint accounts; and change beneficiaries on retirement benefit plans.
Small gifts of not more than $500 each per calendar year to individuals and charities, which continue a custom of the principal, can be made by the agent without a GR. The form must be signed, dated and notarized, not only by the principal, but also by the agent. It takes effect when the principal and agents have signed before a notary, unless it is a Springing Power of Attorney which takes effect upon a future occurrence.
If you or a family member need assistance with power of attorney me at (716) 542-5444.