Meurer Law Offices, P.C., serves clients in Denver, Greenwood Village, Centennial, Aurora, Littleton, Englewood, Arvada, Westminster, Broomfield, Parker, Castle Rock, Lone Tree, Sheridan, Elizabeth, Kiowa, Lakewood, Parker, Highlands Ranch, Denver County, Arapahoe County, Adams County, Douglas County, Jefferson County, Colorado.
PRACTICE AREAS - ESTATE PLANNING
Estate Planning Services
Financial Power Of Attorney
If you are unable to conduct business due to a mental or physical incapacity such as Alzheimer, stroke, heart attack, etc. only a court appointee can act on your behalf. In the state of Colorado, your loved ones can seek a conservatorship to have one of them appointed to act on your behalf and make financial decisions. Once the court gets involved, it will usually stay involved until you recover or pass away. The court, rather than your family will control how your assets are used for your care. This public process can be expensive, embarrassing, time consuming and difficult to end if you recover. It effectively results in probating your Estate twice, once at your incapacity and again at your death.
A Financial Durable Power of Attorney allows you to name someone to manage your financial affairs if you are incapacitated. IT MUST BE “DURABLE.” The difficulty with a Financial Power of Attorney is that many financial institutions will not honor one unless it is on their form. Even if accepted, you may have to have an attorney become involved in order to force the institution to accept your form.
If accepted, Financial Attorneys on occasion work too well. Giving someone a blank check to do whatever they want with your assets. It is a very risky and powerful tool which should only be used in limited circumstances. When used with a Revocable Living Trust, it can become an effective tool to manage your assets during incapacity. With a Durable Financial Power of Attorney rather than your loved ones having the expense and delay of going to court for a conservatorship, you will have appointed someone that you trust to act on your behalf.
A Financial Power of Attorney should include an alternate agent in the event the first agent is unable or unwilling to perform their duties. In addition it needs to be durable in that it will continue to operate after your incapacity. Finally, it should include provisions allowing continuation of Gift Planning, Estate Planning, and Medicaid/Medicare Planning.
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Meurer Law Offices
5347 S. Valentia Way, Suite 220
Greenwood Village, Co. 80111
303.991.3544
Estate Planning Attorney
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MEURER LAW OFFICES, P.C.
5347 South Valentia Way, Suite 220
Greenwood Village, CO 80111
Phone: 303-991-3544
