A power of attorney is a document authorizing someone else (your agent) to act on behalf of you (the principal). The purpose of giving someone such a power in connection with your estate planning is to enable the agent to act on your behalf when you cannot act for yourself. A power of attorney prepared by an elder law attorney will typically contain special provisions allowing your agent to engage in Asset Protection Planning and Public Benefits Plannings on your behalf, including the ability to make unlimited uncompensated transfers in an effort to protect your assets from the forced liquidation that might otherwise be required if you were to enter a nursing home.
A properly-prepared power of attorney avoids the need for costly and expensive guardianship and conservatorship hearings.
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