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Tag: Power of Attorney

What Is An Unfunded Trust?

Posted on Fri Sep 9, 2016, on Revocable Trusts and Living Trusts

From Our “Ask a Question” mailbag: “I have been diagnosed with early stage Alzheimers. I have heard that setting up an “unfunded trust” for long-term care might be a good idea. What is an unfunded trust and how is a trustthat is unfunded useful?”

When planning for Alzheimers, the term “unfunded trust” refers to a Revocable Living Trust which you set up but in which you currently put no assets. Because it is currently not “funded” with any assets, we call it an “unfunded trust.”

Klenk Law

Power-of-Attorney-Abuse

Power of Attorney Abuse

Posted on Wed Sep 7, 2016, on Power of Attorney

From Our “Ask a Question” mailbag: “I have heard stories about Power of Attorney abuse and theft. So, where do I keep my Power of Attorney?”

Power of Attorney abuse is a real problem. A typical durable general power of attorney gives your “Agent” the authority to access your accounts and sell your assets. These capabilities are essential so your Agent can take care of you. But, they are also powers that can lead to theft and fraud.

Klenk Law

Power of Attorney Gifting Powers Could Leave You Penniless

Posted on Wed Aug 10, 2016, on Power of Attorney

Ask a Question” mailbag: “Can my son use my power of attorney to give away all my property?”

A Durable Power of Attorney gives your “Agent” the right to make financial decisions on your behalf during your lifetime. Each power of attorney can be unique. I need to examine your actual document to answer the question, can your son use that particular document to legally make gifts to himself, but here are some facts. A durable power of attorney can give your son the right to make unlimited gifts. In other words, your Power of Attorney could allow your son to legally leave you penniless.

Klenk Law

Getting divorced? Three Estate Planning Documents to Immediately Change.

Posted on Thu Mar 10, 2016, on Estate Planning

Our “Ask a Question” mailbag addresses the issue of which documents to change when divorcing.: “My Wife is divorcing me, what estate planning documents should I change to protect myself?”

“I am not sure which documents to change when divorcing. My Wife has filed for divorce, what estate planning documents should I change to protect myself?”

Klenk Law

Caring for my mother with Alzheimer’s, Can I be Reimbursed?

Posted on Thu Jan 21, 2016, on Estate Planning

From our “Ask a Question” mailbag: My mother has Alzheimer’s, so we have sold her house and moved her into my house where my wife and I care for her. My brother is emotionally supportive, but he lives in California so he does not help out with her day-to-day care or decisions dealing with her health or assets. Though she is cooperative, the Alzheimer’s makes caring for her a near full-time job and we have spent a great deal of money on alterations to the house. Can I be reimbursed from her estate for these expenses?

Klenk Law

Philadelphia Power of Attorney Formal Accounting – Agent Wrongdoing

Posted on Sat Oct 31, 2015, on Formal Accounting

From our “Ask a Question” mailbag: My mother has Alzheimer’s, and my uncle has been handling her money for several years as her power of attorney. My sister and I are not given any information about how he is handling her money. Recently, he took his family on a long cruise that I know he could never afford on his own money. My sister and I feel he must have used our mother’s money to pay for his vacation. What can we do?

Your mother’s Power of Attorney names your uncle as her “Agent.” As Agent, he has a fiduciary duty to use those powers to care for your mother. In Pennsylvania, the Agent is given broad powers and very little oversight, but an interested person being able to easily get a court order for the Agent to account for every penny counter balances this flexibility.

Klenk Law

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Chris Kurdelski

Transparent approach and pricing, with prompt and professional response. They understand the various sensitivities of estate planning. Cannot recommend the firm more highly., go with Klenk

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Christian Milazzo

This law firm was super helpful with answering all my questions! Huge props specifically to Riley for their enormous assist with helping me get where I needed to go. They were fantastic!!!

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Keith Austin

The Klenk team smoothly helped my family with the often thick and cumbersome estate planning documents. We would recommend them for this type of work! Thank you, Klenk Law!

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Extremely professional services with courteous, responsive communication. Would recommend to anyone.

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The Klenk Law team was a pleasure to deal with! Peter was responsive and helpful, and took good care of our needs!

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