THE SAD TALE OF THE GENEROUS PARENT

Lenae DavisGetting answers from Lenae Davis.

Jamie Burchette’s client was angry.  She’d spent all her savings on her son and his family.  Then, they told her to move out of their house.  To top it off, her son retitled her car to himself.  This was the last straw.

Jamie examined the power of attorney that his client had signed years ago.  Unfortunately, it included an unusual provision:  it allowed unlimited “gifts” by the son to anyone, for any reason and in any amount.  This case underscores that “gifting powers” can cause trouble down the road.  While these powers can help with Medicaid-planning or for other purposes, they must be carefully drafted and considered.

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