The failure of IndyMac Bank has caused many bank depositors to ask questions about FDIC – the Federal Deposit Insurance Corporation. According to FDIC 10,000 IndyMac customers could lose as much as $500 million in uninsured deposits. FDIC will pay claims between $4 billion and $8 billion to insured depositors. FDIC representatives predict that there
Am I My Mother’s Keeper?
Neil Hendershot has an excellent post today on Pennsylvania’s Filial Support Statute. He quotes Professor Katherine Pearson’s sidebar in the Summer 2008 issue of Adventures in Law and Aging, "“SO, WHAT IS THIS ‘FILIAL SUPPORT’ THING?” and provides many citations to useful resources.
This is a signifcant moral as well as legal issue. What
Breach of Promise
It sounds like something out of a Jane Austen novel — a lawsuit for breaking an engagement. That’s exactly what happened in Florida this week, when a woman was awarded $150,000 after suing her former fiancé for calling off their wedding. RoseMary Shell she said she left a high-paying job in Pensacola primarily because
How to Act as an Agent under a Power of Attorney
And stay out of trouble!
More and more agents are being asked to account for their actions and more and more litigaiton is aimed at agents who abuse their powers, especially by making gifts to themseles. Learn how to do it right and stay out of trouble.
When you agree to serve as attorney-in-fact under
eDivvy Up: Estate Distribution
What a great idea! Check out this site: eDivvyUp Its an online auction platform to use to equitably divide tangible personal property among beneficiaries.
"eDivvyup is the leading online auction site for equitable property distribution. The concept was created to assist Estate Planners, Estate Executors or other individuals dealing with the equitable distribution of
War Over the Teapot
How many families do you know who fought over the settlement of their Mom and Dad’s estate? In my experience, these family feuds are often over things – not money. Who gets the sterling flatware and who gets the drop-leaf table are points of contention that rip apart the family fabric.
Mom and Dad, why
Shirtsleeves to Shirtsleeves in Three Generations
“The father buys, the son builds, the grandchild sells, and his son begs.”
– Scottish Proverb
There is an old saying, “shirtsleeves to shirtsleeves in three generations.” which means that the older generation started with nothing, worked hard and amassed wealth, and by the time their great-grandchildren are in charge, the family
Hershey’s Kiss-Off
The goings on at Hershey Company are always of great local interest here in Central Pennsylvania. But of more than local interest is the litigation surrounding the management of the Milton Hershey School Trust and the attempt to sell the company.
Jonathan Klick of Florida State University College of Law and Robert H. Sitkoff of
Legal Guardian vs. Power of Attorney
Appointment of a Legal Guardian
If an individual lacks the mental capacity necessary to make rational choices, there are two ways recognized by the law for proving a substitute decision maker: (1) the individual, while he was still competent, designated someone to be their agent, also known as an attorney-in-fact, by signing a power of attorney, or (2) the state, acting through the courts, may appoint a substitute decision maker known as a guardian (also sometimes called a “conservator”), for the incapacitated individual.
Power of Attorney
A "power of attorney" is a document which is signed by an individual (the "principal") appointing another person or persons (called the "attorney-in-fact" or "agent") to act for and on behalf of the principal. If the power of attorney authorizes the agent to act for the principal in almost all circumstances, it is called a "general" power of attorney. If the power of attorney is effective even if the principal is disabled or incompetent, it is called a "durable" power of attorney.
A person executing a durable general power of attorney naming a husband, wife, child, or other family member as attorney-in-fact authorizes that family member to manage his or her financial and personal affairs even after incapacity, avoiding the need for any guardianship.
Spouse Has No Legal Authority
Just because you are married does not give you legal authority over the property and person of your spouse. It is absolutely essential that you give your spouse, or some other person you trust, power of attorney. If your spouse becomes incapacitated and you don’t hold his or her power of attorney, you cannot sell the home you own jointly, cannot make withdrawals from your spouse’s IRA or other retirement plan, and cannot act for your spouse in any other legal capacity. If you don’t have a power of attorney, the only other alternative is a court appointed guardian.
Guardianship
The court procedure is termed a “guardianship” in Pennsylvania, In some other states, the procedure is referred to as a “conservatorship.” The individual for whom a guardian has been appointed is called a “ward.” Sometimes the ward is referred to as an “incapacitated person,” which has replaced the old-fashioned and offensive nomenclature of an “incompetent person.”
Continue Reading Legal Guardian vs. Power of Attorney
If you are a Trustee, Read This
Trustees of Pennsylvania trusts have until November 6, 2008 to comply with the new notice requirements of the Pennsylvania Uniform Trust Act (PA UTA). This new legislation requires notice to beneficiaries and interested parties of the existence of trusts.
Until now, there have been many “secret” trusts in Pennsylvania. There are many trusts whose beneficiaries