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Power Of Attorney

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BUSINESS
By EILEEN AMBROSE and EILEEN AMBROSE,eileen.ambrose@baltsun.com | January 25, 2009
A power of attorney is a basic estate planning tool, allowing someone to make financial decisions on your behalf if you're no longer able to do so. But in the hands of the wrong person, it can turn into what advocates for seniors call a "license to steal." The power of attorney gives your "agent," the person acting on your behalf, broad authority over your finances with little or no monitoring, according to AARP, the advocacy group for those 50 and older. Theft often starts out when the agent "borrows" money from your account, intending to repay it later, lawyers say. But when he's not caught, he continues to dip into the assets until little or none is left in the estate.
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BUSINESS
By EILEEN AMBROSE and EILEEN AMBROSE,eileen.ambrose@baltsun.com | January 25, 2009
A power of attorney is a basic estate planning tool, allowing someone to make financial decisions on your behalf if you're no longer able to do so. But in the hands of the wrong person, it can turn into what advocates for seniors call a "license to steal." The power of attorney gives your "agent," the person acting on your behalf, broad authority over your finances with little or no monitoring, according to AARP, the advocacy group for those 50 and older. Theft often starts out when the agent "borrows" money from your account, intending to repay it later, lawyers say. But when he's not caught, he continues to dip into the assets until little or none is left in the estate.
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NEWS
By Tom Pelton and Tom Pelton,SUN STAFF | February 28, 2002
Robert Lee "Bobby" Daniel was so frightened of dying alone in a hospital of AIDS, with his suffering prolonged by doctors shoving tubes down his throat and hooking him up to life-support machines, that he went to a lawyer and drafted a document. The document gave his gay partner, William Robert Flanigan Jr., the "power of attorney" to make medical decisions for his housemate. It specified that Daniel didn't want any life-sustaining treatment and that Flanigan should be by his side. But Daniel's anxieties about a lonely and prolonged death became a reality in October 2000, when Maryland Shock Trauma Center barred Flanigan from his partner's room because he was not "family," according to a legal claim that Flanigan filed against the hospital yesterday.
FEATURES
By JULIE BYKOWICZ and JULIE BYKOWICZ,SUN REPORTER | January 9, 2006
LAS VEGAS -- It's a Friday, and Bucky Buchanan, dressed in a blue pinstriped suit and $5,000 pointy-toed alligator skin boots - "kill most of my animal boots myself," he wants you to know - is about two hours late to court. Still, he strolls. He throws open the door to the courtroom of a judge whom he openly refers to as "The Princess." Judge Nancy Oesterle shakes her head at the sight of him. "You're killing me today," she says. Still, a smile sneaks across her lips. This is the lucky Las Vegas world of James "Bucky" Buchanan - Naval Academy graduate, former government weapons engineer and now high-powered criminal defense attorney leading the sort of lifestyle that includes Arabian horses in his backyard, a mahogany-paneled Bentley sedan, and parties with Lifestyles of the Rich and Famous TV host Robin Leach.
BUSINESS
By Liz Pulliam Weston and Liz Pulliam Weston,SPECIAL TO THE SUN | March 30, 2003
I contacted a financial adviser and was considering moving my accounts to him. But he sent me a contract that includes a provision giving him limited power of attorney. The contract also requires me to promise not to make any decisions on my own. Is this usual? His fees are 0.8 percent annually, based on the value of my portfolio. A limited power of attorney would allow the adviser to make investment decisions without consulting you first. Although not unusual, this clause gives him a lot of power.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | April 6, 2003
You never expect that it's going to happen to you. But as the West Warwick, R.I., nightclub fire shows, everybody's vulnerable. If you were to suffer serious injury or die suddenly, what would your loved ones do? Fortunately, there are steps you can take now that would not only provide for your loved ones, but also give you peace of mind, says Jordan E. Goodman, author of Everyone's Money Book on Financial Planning. So don't delay. Instead, use the nightclub fire, the Sept. 11 terrorist attacks and other such misfortunes as a kind of wake-up call, to spur you into action, Goodman advises.
BUSINESS
April 1, 2001
Dear Mr. Azrael, What are the steps in adding a name to a deed on a home? I know an elderly lady, recently disabled, who wants to add one to her deed. Robert Scherer Baltimore Dear Mr. Scherer, When elderly people add another person's name to a property deed, it's usually because they want that person to own the property when the older person dies. There are several ways to add another person's name to a deed. Each method has different legal consequences, so it's important to do it correctly.
NEWS
March 8, 1992
In Maryland, there are three types of advance directives stipulating whether a patient wants to remain alive by artificial means: (1) a living will, (2) durable power of attorney for health care and (3) documented discussion with a doctor. None is irrevocable.Living will: Applies only to patients with terminal diseases whose death is imminent. Maryland residents may use the document to express their wish not to have their lives prolonged artificially, but they must add language specifying a desire not to be given food or water through tubes.
FEATURES
By Sara Engram and Sara Engram,Universal Press Syndicate | June 10, 1991
Q: My daughter has power of attorney for me. Do I need to obtain forms for a living will? Isn't it possible I can write a living will requesting no life-prolonging treatments and give her this information to keep for me until the time is right? -- E.W., Salisbury, Md.A: Both the durable power of attorney in health care matters and the living will are examples of "advance directives" -- documents that enable you to retain some control over the kinds of decisions made about your medical care in the event that you become unable to make decisions yourself.
FEATURES
By Sara Engram and Sara Engram,Universal Press Syndicate | April 1, 1991
"My grandmother is 91 and has been in a nursing home for three years. When she was admitted, she and I met with a geriatric psychiatrist and a lawyer, and she signed over medical power of attorney to me. That gives me the legal right to make all medical decisions on her behalf. She told me at the time that she did not want her life extended for any reason, although if she were ill she wanted medication to ease pain."Last week, after suffering a fall, she underwent a series of X-rays at the local emergency room.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | September 18, 2005
NEW YORK - As people live longer, more Americans are finding themselves helping older relatives manage their money. Taking financial responsibility for someone in fragile mental or physical health can be both a personal and fiscal challenge. Geriatrics experts say it's important to understand that many older people don't like the idea of giving up control of their money, even if they need to do so. The AARP, the largest organization representing people over age 50, has the following advice for caregivers who find themselves in the position of paying a sick person's bills: Make a list of the relative's sources of income that can be used to cover expenses, including Social Security, IRAs and pensions.
BUSINESS
By Lorene Yue | May 2, 2004
Joyce Moore has seen it all too often. Family members who should be focused on grieving are instead frantically rooting through paperwork to unravel financial mysteries left by their recently departed loved one. The deceased's will details how assets should be distributed, but it doesn't help find those items, said Moore, president of Joyce Moore Financial Services in Macungie, Pa. Moore has seen situations in which the executor of a will doesn't know...
BUSINESS
By KNIGHT RIDDER/TRIBUNE | April 6, 2003
You never expect that it's going to happen to you. But as the West Warwick, R.I., nightclub fire shows, everybody's vulnerable. If you were to suffer serious injury or die suddenly, what would your loved ones do? Fortunately, there are steps you can take now that would not only provide for your loved ones, but also give you peace of mind, says Jordan E. Goodman, author of Everyone's Money Book on Financial Planning. So don't delay. Instead, use the nightclub fire, the Sept. 11 terrorist attacks and other such misfortunes as a kind of wake-up call, to spur you into action, Goodman advises.
BUSINESS
By Liz Pulliam Weston and Liz Pulliam Weston,SPECIAL TO THE SUN | March 30, 2003
I contacted a financial adviser and was considering moving my accounts to him. But he sent me a contract that includes a provision giving him limited power of attorney. The contract also requires me to promise not to make any decisions on my own. Is this usual? His fees are 0.8 percent annually, based on the value of my portfolio. A limited power of attorney would allow the adviser to make investment decisions without consulting you first. Although not unusual, this clause gives him a lot of power.
NEWS
By Barbara Varro and Barbara Varro,Special to the Sun | November 17, 2002
Every so often, you hear of someone who inherits a windfall from an elderly person without children or relatives who had relied on the kindness of neighbors for help. Those who reap such rewards are usually surprised that the individual left them money or a family heirloom. But such an act undoubtedly was well planned: He or she had made specific bequests in a will or trust. There are plenty of people out there with no immediate heirs, especially today, with the soaring rate of divorce, smaller family sizes and increasing number of unmarried men and women.
NEWS
By Tom Pelton and Tom Pelton,SUN STAFF | February 28, 2002
Robert Lee "Bobby" Daniel was so frightened of dying alone in a hospital of AIDS, with his suffering prolonged by doctors shoving tubes down his throat and hooking him up to life-support machines, that he went to a lawyer and drafted a document. The document gave his gay partner, William Robert Flanigan Jr., the "power of attorney" to make medical decisions for his housemate. It specified that Daniel didn't want any life-sustaining treatment and that Flanigan should be by his side. But Daniel's anxieties about a lonely and prolonged death became a reality in October 2000, when Maryland Shock Trauma Center barred Flanigan from his partner's room because he was not "family," according to a legal claim that Flanigan filed against the hospital yesterday.
BUSINESS
By Knight-Ridder News Service | October 20, 1991
Tax laws and legal issues are complex. In many cases, a will isn't enough to safeguard your final wishes, which may include ++ medical instructions for a terminal illness.Here are three suggestions by Richard Stevens, director of personal financial services at Price Water house in Philadelphia:* Establish a trust fund for your life insurance proceeds to avoid paying unnecessary estate taxes.* Assign a power of attorney to someone you trust to manage your affairs or to appoint a manager in case you become disabled.
NEWS
By Deidre Nerreau McCabe and Deidre Nerreau McCabe,Contributing writer | February 3, 1991
A new federal law requiring hospitals and nursing homes to inform patients of their right to refuse medical treatment under certain circumstances could cause a flood of requests for "living wills," say county health-care providers and attorneys.Attorneys and doctors heresay they already have noticed increased interest in living wills, which spell out a person's wishes for medical treatment should he or she become terminally ill.And they expect that the federal law, which will go into effect next November, will only increase the number of people asking for the legally binding document to be drawn up.Several area health-careadministrators said they think the trend toward obtaining living wills, along with a second document called a medical durable power of attorney, can only facilitate the care of terminally ill patients or those in a permanent coma.
BUSINESS
By Liz Pulliam Weston and Liz Pulliam Weston,SPECIAL TO THE SUN | November 18, 2001
I understand that the dollar limit for 401(k) contributions has increased. Has the percentage limit also increased? If not, the new limit applies only to really high-income people, right? That depends on what your company decides to do with its plan. Congress increased the dollar amount you're allowed to contribute to your 401(k) account from $10,500 this year to $11,000 next year. But lawmakers also lifted restrictions that prevent companies from allowing employees to contribute more than about 15 percent of their salary each year.
BUSINESS
April 1, 2001
Dear Mr. Azrael, What are the steps in adding a name to a deed on a home? I know an elderly lady, recently disabled, who wants to add one to her deed. Robert Scherer Baltimore Dear Mr. Scherer, When elderly people add another person's name to a property deed, it's usually because they want that person to own the property when the older person dies. There are several ways to add another person's name to a deed. Each method has different legal consequences, so it's important to do it correctly.
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