Florida Elder Law Blog - A blog by Elder Law Associates, South Florida's premier elder law attorneys, who handle elder law, medicaid planning, guardianships and much, much more.
Many people believe that their power of attorney has the power to transfer assets out of their name in order to qualify them for Medicaid.
What many don't know, is that there are many different types of powers of attorney. You will be able to protect your assets only if you have the proper power of attorney. In order to have the power to transfer your assets for tax and long-term care purposes, your power of attorney must have very special language authorizing these types of transactions.
Unfortunately, the vast majority of powers of attorney do not have these provisions. In addition, your agent may need additional authority to create and fund a special kind of trust, known as a qualified income trust, which may be necessary to establish your eligibility for Medicaid under Florida law.
Consulting a qualified
Florida elder law attorney to draft the proper power of attorney documents is a must!
--Howard Krooks, JD, CELA
