Home About Us FAQ Publications & Press Speaking
Links & Resources Contact Us
Limited Liability Companies
Limited Liability Partnerships
Limited Partnerships
Asset Protection Trusts
Domestic Asset Protection Trusts
Equity Stripping
Financial Planning Exemption
Tenancy By The Entirety
Charging Order Protection
International Entities
International Trusts
Captive Insurance Companies
Business Entities
Contract Formation and Review
General Business Counsel
Business Succession Planning
Current Estate Plan Review
Drafting Wills and Trusts
Incapacity Planning
Probate Administration
Charitable Remainder Trusts
Online Asset Protection Quiz.

Incapacity Planning: Durable Power of Attorney

Estate planning is the managing and passing of your assets through the preparation of documents and re-titling of assets.  The process of linking asset protection with estate planning is called integrated estate planning and they work together to form a comprehensive plan.  Having one without the other is incomplete.  Every person should have an estate plan so that they can control who gets their assets at death.  In addition, the estate plan covers an individual should he or she become incapacitated.

Incapacity Planning: Durable Power of AttorneyThe durable power of attorney is a legal document that names a person, also known as an agent, to handle financial matters for you. “Durable” means that the document withstands incapacity.  Some states allow you to have a “springing durable power of attorney,” which springs into effect only in the event that a physician signs off on your incapacity; however, Florida recently changed its law and does not allow springing powers for powers of attorney unless it is for medical purposes.

The net effect of a durable power of attorney is that you have to be very careful whom you choose as your agent because that person’s power is effective immediately upon your signing the document.  With that in mind, a good Florida attorney will show you how to avoid the potential for abuse.  It is important to have this document in effect as it may assist you to avoid the need for a guardianship in the event of your incapacity since the document will remain in effect despite your incapacity.

The durable power of attorney is used for financial and business matters. For instance, an agent would have the power to open and close bank accounts for you as well as buy stock.  The agent acts in the capacity of a fiduciary, which means that person is in a trusted position and must act prudently on your behalf.  This power of attorney can also be used to sign business papers and enter into contracts in the name of the principal, or the person creating the durable power of attorney.

It is important to note that this power cannot be delegated.  For example, if you delegate the power to your father and he remarries, your father cannot “delegate” this power to his new wife or anyone else. An agent can’t give someone else the power to be another person’s agent, only you can.

Please visit my website or contact me directly if you would like any more information regarding asset protection or estate planning, or would like a copy of my best-selling books on asset protection (complimentary if you mention this blog).

- See more at:http://blog.vistage.com/finance/incapacity-planning-durable-power-of-attorney/#sthash.hhBbABCZ.dpuf


You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality — for every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!
The Presser Law Firm, P.A. - Asset Protection Attorney
Located at 6199 N. Federal Highway Boca Raton, FL 33487. View Map
Phone: (561) 953-1050