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Durable Power of Attorney
A Durable General Power of Attorney is a legal document that enables the grantor (Principal) to designate another person called the agent or attorney-in-fact to act on behalf of the Principal, even in the event the individual becomes disabled or incapacitated. Traditionally, a power of attorney would be canceled in four situations: (1) if you specifically cancel (revoke) it, (2) if it has an expiration date, (3) if you die, or (4) if you become mentally incompetent.
In more recent times, the durable power of attorney was created to allow it to continue to be in effect after mental incompetency. The word “durable” means that the power of attorney continues to be effective after the principal becomes mentally incompetent.
Lady Bird Deed
A lady bird deed (also called a ladybird deed or an enhanced life estate deed) is a special form of life estate deed that gives the owner continued control over the property until his or her death. Once the owner dies, the property is transferred automatically to new owners without the need for probate.
Medical Power of Attorney
A Medical Power of Attorney is a legal instrument that allows you to select the person that you want to make healthcare decisions for you if and when you become unable to make them for yourself. The person you pick is representative for purposes of healthcare decision-making.
Qualified Income Trust
In its simplest terms, a Qualified Income Trust (QIT) serves as a depository for all income in excess of the Medicaid cap. The trust is irrevocable, that is, once established, it cannot be abolished. A QIT is executing a proper trust agreement and opening a QIT account at a bank.