We recommend that everyone execute a durable power of attorney as long as they have someone they trust to appoint. A power of attorney is a document that allows the individual appointed to make financial and legal decisions on your behalf.
Join us as Laura Goodman reviews the case of the SJC’s decision to limit the power of an agent under a DPA to engage in estate planning on the principal’s behalf.
The Massachusetts Supreme Judicial Court in Barbetti v. Stempniewicz rules that an agent under a durable power of attorney may not create a trust on behalf of a grantor if that power is not granted in the DPA document, but does not rule on whether such a trust may be created if the power is granted.
In the case of Barbetti v. Stempniewicz, the Massachusetts Supreme Judicial Court rules that a specific power of attorney did not allow the creation of a revocable trust, but chose not to address the question of whether such a power may be created, leaving that to the legislature to decide.
Due to the “staleness doctrine” of many financial institutions, revocable trusts often work better than durable powers of attorney for incapacity planning.
The website ThinkingAheadRoadmap.org provides tools for seniors to put in place a structure to assure their financial security as they age. Visit Wellesley
Chanel Reynolds, a mother whose husband died in a bicycle accident, created the website GetYourShitTogether.org to help people do their estate planning.
Here are essential estate planning steps all seniors should take for their protection. Margolis & Bloom, Wellesley and Boston, MA, 02481
Having legal responsibility for a loved one with dementia imposes unique challenges. Ask questions about what to do when you do have the responsibility
We advise executing an out-of-state durable power of attorney and health care directive if you spend several months of the year living in another state.
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Margolis Bloom & D’Agostino
100 William Street, Suite 220
Wellesley, MA 02481
781-705-6400
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Webinar, this Monday. Learn what you need to know about the new increase in estate tax in Massachusetts. Noon, tune in.
