So how old should you be before you have a power of attorney?
Hi, I'm Nicole Wipp, the founder and lead attorney of the Family and Aging Law Center.
I'm sitting here in my car after I literally just got out of court in that building right there today, and I got so inspired to make this video because of what happened in court today.
You know, the reason that I was there is because I was representing a woman that is younger than me. She has a husband that got in a terrible car accident, and now is completely unable to make any decisions for himself related to finances and related...
A: The short answer is, you need a financial POA in the event that you become unable to manage your own finances. Even though you may think you have everything “taken care of” through joint ownership, it isn’t that simple. For example, you cannot own most tax-deferred assets, such as IRAs, jointly. A beneficiary designation doesn’t give power to your beneficiary during your life. A financial POA, when done properly, also enables a person you trust to apply for important health care benefits (if you need them) and it enables them to preserve your money in times of crisis. Without proper planning, your loved ones will need to go to court in a process called...
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