Resistance to Power of Attorney – Part 2
Last week’s post again addressed the use of powers of attorney and specifically the problem of encountering resistance by a financial institution. As I explained, many financial institutions prefer that customers sign their own form of power of attorney and do so in front of one of their employees. This is for their protection but complying with their request isn’t always possible. Many of our elderly clients are unable to travel so cannot make the trip. Sometimes they can no longer even get on the phone. So how does one counter a bank, for example, that says they need Mom to come to the branch to sign a power of attorney because their legal department questions the validity of the one she signed a few years ago. It helps to know a little bit about what the law says about powers of attorney. Firstly, New Jersey law says that a power of attorney must be in writing. It must be signed by the principal and acknowledged before a notary public. There is also a specific section that covers banking transactions. If the power of attorney gives the agent the power to conduct banking transactions and makes reference to that
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How to Handle Resistance to POA – Part 1
I have written several posts over the years on the importance of powers of attorney and the problems many people encounter when trying to use them. It seems that as time has passed the problems have only increased in frequency. Just this past week we received two calls from family members serving as agent under a power of attorney for a loved one. When presenting the POA to a bank or other financial institution many agents experience resistance. Often the financial institution will insist on the principal – the person who has signed the power of attorney – to be present. But if the principal can’t appear in person, which is increasingly the case as the population ages, does that mean the power of attorney is invalid? What if the bank says the POA is too old? Can that be true? Unless you know the law and your rights, it is difficult to respond to these questions. State law governs powers of attorney so there may be differences from state to state. Next week I will share with you what New Jersey law provides and how to address the resistance you may experience.
The Declining Pool of Caregivers
Another article, this time in the Wall Street Journal caught my eye the other day. It’s about how this country is running out of family caregivers at a time when the need for those caregivers is increasing. Some of my recent posts have included statistics showing the continued trend of an aging population and growing demand for long term care. The median income of retirees has remained relatively unchanged for years. At the same time, retiree debt has increased as a result of paying for the care of an older family member such as a parent or for the education and other needs of a child. Although I have written much about the cost of long term care in terms of nursing home assisted living facility costs or paying for private aides the reality is that there are more than 34 million people providing unpaid care. About 95% of that care is provided by family members. The amount of this unpaid care is estimated to be worth about $500 billion. That’s 3 times the amount that Medicaid doles out for care, just to compare. The problem is that this pool of caregivers is shrinking and it’s happening for a