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.”
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.
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.
From our “Ask a Question” mailbag: “My mother lives in Philadelphia and is getting divorced. Does she need an estate lawyer in PA? Does divorce and estate planning go together?”
From our “Ask a Question” mailbag addresses the issue of combining a medical power of attorney and divorce.
“I gave my wife my medical power of attorney and divorce started soon after. During our divorce proceedings, does my wife still have the power to pull my plug?”
From our “Ask a Question” mailbag: “After a 10-year relationship my Partner and I have parted ways. Previously, I gave him a General Durable Power of Attorney, but now he won’t return my Power of Attorney. Can he use this to empty my bank account?”
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?”
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?
From our “Ask a Question” mailbag: My friend who lives in Philadelphia asked me to pay off his bills from his checking account if he passes away. Am I able to use that as proof or do I need something signed saying so?
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.
Peter Klenk is the founding member of Klenk Law, a seven-attorney boutique estate planning law firm. We serve clients in Pennsylvania and New Jersey. Peter Klenk received his Master’s in Taxation, LL.M., from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
Peter explains things in a practical way to help guide you through a rather daunting process. We have been using Klenk Law for years. Highly recommend.
This law firm is outstanding! Fast, efficient, friendly! Peter Klenk and his associates are awesome.
We came to this firm based because of the online reviews we read and were not disappointed. Peter and the staff were a pleasure to work with - Peter was friendly, knowledgeable and patient with all our questions and the office staff were extremely responsive and efficient with all the scheduling and follow up needed to get us ready for the signing. We also like that all documents are housed in a portal that is easily accessible. Thank you to Peter and the team for helping us cross 'update estate planning documents' off our list.
Peter offers excellent service in a easy friendly atmosphere. Highly recommended!
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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