What is the difference between guardian and power of attorney

When creating advance directives in order to plan for the possibility that you may one day be unable to make your own medi The terms k and individual retirement account IRA are bandied about quite a bit when discussing retirement planning In addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.

Special rules apply for the home and other assets. Spouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.

Careful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children. There are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home. Most states have laws on the books making adult children responsible if their parents can't afford to take care of themselves. Applying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.

Medicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.

Distinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes. Only the Court may terminate the guardianship or appoint a successor guardian. The guardian may be a friend or family member. The Court will not appoint a person who has an adverse interest to the incapacitated person.

Previous Previous post: What is an Emergency Guardianship? Court involvement is required to create the guardianship relationship. In many instances the Guardian of the Person and Guardian of the Estate can be same person. If this is the case, a General Guardian is created. A Limited Guardian of the Person is appointed when the respondent has some capacity and can make decisions in certain areas. In this case, the court will appoint a guardian to make decisions only in specific areas where the respondent is not able to do so.

Any adult individual, a corporation, or a public agency can be appointed to serve as a guardian. A power of attorney is a document that gives legal authority to another person to make decisions on your behalf. This document can be as broad or as specific as you like.

In addition, a Power of Attorney can be drafted in many different ways, giving you the ability to limit your agent to certain assets or even time. In New Jersey, there is a guardianship monitoring program over guardians. There is no monitoring over agents under a Power of Attorney. There is some minor training of guardians in the form of a court required video which must be watched by guardians.

There is no training for agents, so you must be sure of the integrity and qualifications of the person you name as your agent. Many banks are not recognizing Powers of Attorney which are more than ten years old. This is not the law, but bank policy.