How to avoid power of attorney financial abuse
One of the most common reasons seniors likely hesitate to sign a Power of Attorney appointing another person to act on their behalf is fear of loss of control and exploitation. In this respect, as an elder law attorney, I admit some conflict.
On the one hand I have seen instances where an individual becomes disabled without having signed a Power of Attorney — something that can be acquired at reasonable cost and with minimal aggravation — and there the only alternative is for an interested party to file for guardianship. Guardianship is time consuming, expensive even when not contested, can limit the individual’s freedom, and may result in appointing someone the person would not want. Guardianship can, however, be the right answer in the right case.
On the other hand, those seniors who believe that Powers of Attorney are powerful documents and require thought, are right.
Here is how to keep you, the senior, in the “driver’s seat” when designating an agent under Power of Attorney.
• Choose your agent well. The number one way to prevent financial exploitation by an agent under Power of Attorney is to choose your agent well. In our office we use the “checkbook across the table” rule. This means you would feel confident taking your checkbook and handing it across the table to the person you are appointing and he or she would act responsibly, act in your best interest, follow through in paying bills appropriately, consult with experts where expert advice is needed, keep a record of transactions, and be scrupulously honest when it comes to handling your funds and your assets.
You should not choose your agent based only on whether that person is your oldest child or whether there would be hurt feelings. If your agent is experiencing money problems herself or himself this might not be the time to appoint, since the stress could be too great.
• Have backups. There should almost always be at least one backup agent under Power of Attorney appointed. If your primary agent becomes disabled or unavailable, someone needs to step up and act.
• Ask questions to tailor the document to your specifications.
Every Power of Attorney is not the same. You could give unlimited power, limited power, or no power to gift and you should know why in each case. You could give control over handling of your business or corporation, or not. Gifting could be allowed so long as your needs have been satisfied and without dissipation of your estate.
“Limited gifting” when it appears in a power of attorney is a legal term that means $15,000 per person per year. That might be too much or not enough. You could give power to cash in insurance policies for your needs without allowing the agent to change beneficiaries.
Although it is not favored
vision of Axia Women’s Health,” said Dr. Stephen Krell, executive chairman and CEO, Clinical Practices for Axia Women’s Health. “It will help us lead the way in improving women’s health by bringing together a full suite of health care services in one stateof-the-art facility—the first of its kind in the region.”
Also located within the new facility, Main Line Health will operate an ambulatory care center that will bring health and wellness services to both men and women of the greater King of Prussia region and beyond, including primary care; cardiology and cardiac testing; endocrinology; neurology; general surgery; orthopedics; imaging; physical therapy and lab services.
In addition, nutrition services, a demo kitchen and a medical retail space will be offered.
“Our focus at Main Line Health—and our primary focus throughout the planning of this new health center—is on delivering safe, high-quality care that can help advance the health and wellness of our community members,” says Jack Lynch, FACHE, president and CEO, Main Line Health. “As never before, our patients are increasingly looking to us not just to help them live longer lives, but to help them live longer, healthier lives. This facility will help our community do just that.”
The award-winning Main Line Health, founded in 1985, is a notfor-profit health system serving portions of Philadelphia and its western suburbs. At its core are four of the region’s acute care hospitals — Lankenau Medical Center, Bryn Mawr Hospital, Paoli Hospital and Riddle Hospital, as well as Bryn Mawr Rehabilitation Hospital; Mirmont Treatment Center for drug and alcohol recovery and Main Line Health HomeCare & Hospice, a home health service. Main Line Health also consists of Main Line HealthCare, one of the region’s largest multi-specialty physician networks, and the Lankenau Institute for Medical Research, a non-profit biomedical research organization located on the campus of Lankenau Medical Center.
“The foundation of Main Line Health’s mission is to deliver safe, high-quality health care services to our community members,” noted Jack Lynch, president and CEO, Main Line Health. “With a focus on women’s health, this health center will allow us to expand our breadth of services to include a wide range of holistic therapies and specialty care services to meet the needs of women and their families across our region.”
Headquartered in Oaks and Voorhees, N.J., Axia Women’s Health is a community of more than 275 providers and 100 women’s health centers across New Jersey and Pennsylvania, spanning OB/GYN physicians, breast health centers, high-risk pregnancy centers, laboratories, urogynecology, and fertility centers.
To complete the project at The Village at Valley Forge, Main Line Health and Axia Women’s Health are partnering with Saul Ewing, IMC Construction; Anchor Health Properties; Siemens, Nelson Architects; Bohler Engineering; Pisarek Engineering; O’Donnell & Naccarato; Remington & Vernick Engineers; Perkins Eastman Black and Glackin Thomas Panzak.