- Can a Power of Attorney Close a Bank Account?
Power of attorney (POA) is a legal tool that allows an individual, the principal, to appoint someone they trust to manage their affairs when they are unable to do so themselves. The person appointed is known as the agent. It’s often used in instances where the principal is facing illness or injury, and wants the… read more…
- 4 Types of Assets That Are Exempt From Probate in Florida
The probate process in Florida oversees how a person’s assets are distributed after death, a procedure that can often be lengthy, expensive and emotionally draining for loved ones. Fortunately, not all assets must go through probate. State law allows certain types of property to transfer directly to beneficiaries, helping families avoid delays and preserve more… read more…
- How to Get a Financial Power of Attorney in Pennsylvania
In Pennsylvania, a power of attorney (POA) is a legal document that can empower a designated agent to act on your behalf should such situations arise. With various types of POAs available, tailored to address specific needs from healthcare to financial management, understanding the legal requirements of these documents is essential for effective personal planning.… read more…
- 4 Types of Power of Attorney Available in Pennsylvania
Power of attorney (POA) offer a versatile legal framework for ensuring that your decisions and assets are handled according to your wishes, even when you’re not able to oversee them directly. It’s vitally important to understand the different types of POAs available if you’re in need of this type of authority. In the state of… read more…
- How to Calculate RMD in Year of Death
If an account holder passes away before taking their required minimum distribution (RMD) for the year, the responsibility shifts to the beneficiary. The IRS requires that the full RMD be withdrawn to avoid penalties, using the deceased’s age and prior-year account balance to determine the amount. Whether you’re a spouse, child or other designated heir,… read more…
- Can a Power of Attorney Transfer Money to Themselves?
Paying yourself as power of attorney can raise legal and ethical questions, since the role comes with fiduciary duties to act in the best interests of the person granting the authority. Generally, a power of attorney cannot transfer money to themselves unless the legal document specifically allows compensation or gifts. Even when permitted, such actions… read more…
- An Overview of Filial Responsibility Laws
Taking care of aging parents is something you may need to plan for, especially if you think one or both of them might need long-term care. One thing you may not know is that some states have filial responsibility laws… read more…