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How to Get a Medical Power of Attorney
A medical power of attorney (MPOA) is one of several types of power of attorney (POA) designation. Each POA is unique, but in each case, assigning a POA to someone gives them the authority to act on your behalf. Some POA designations are comprehensive and durable, while others are strictly limited. Many people use this tool for financial purposes, but the medical POA allows the designated individual to make medical decisions on your behalf. The authority might be immediate or take effect in the future, typically when the conferring person can’t act on their own.
Can You Turn a 1031 Exchange Property into a Short-Term Vacation Rental?
Have dreams of starting a short-term rental business? You aren’t alone.
Can One Joint Tenant Sell Property?
Joint Tenancy is among the standard methods for two or more individuals to share property ownership. Married couples and investment groups often employ a joint tenancy arrangement. In this structure, each owner holds an equal share, and all are equally responsible for obligations. A further attribute of joint tenancy is the right of survivorship, which means that if one tenant dies, their share passes equally to the other tenants rather than to a designated heir. While each joint tenant owner has an equal share, each has an undivided interest, meaning that they have full use of the shared property.
How Long Does a Limited Power of Attorney Last?
When you grant someone a power of attorney, you trust that person with the authority to act on your behalf and to represent you and your wishes. There are numerous versions of power of attorney (POA) grants, and the topic can be a bit confusing. Let’s outline the variations and consider which options may suit your needs.
Who Pays Property Taxes on a Life Estate?
A life estate is a method of owning property with another person and then efficiently distributing the property to the designated person(s) after your death. This tactic is most often used to secure ownership of a residence that is the owner’s primary home. The homeowner creates a life estate, which reserves for that person the right to occupy the home for life. The intended heir is defined as the remainderman. The remainderman has an ownership interest in the home beginning with the designation, but they do not own it until you die.
Does a General Power of Attorney Need to Be Registered?
The term “power of attorney” sounds like you need a lawyer to be involved. However, typically, a POA is granted and used without the need for lawyers. Giving a power of attorney to someone means that you are conferring on that person the authority to act on your behalf.
Can Passive Losses Offset Capital Gains?
Passive income is a special type of income that not everyone will be involved in. It is also different from wage income. Passive income is generated from a partnership, a business the investor is not involved in, rentals, or other flow-through entities.
How to Get an Emergency Power of Attorney
Major life changes often affect someone’s ability to properly manage their personal and financial affairs. A debilitating stroke, motor vehicle accident, or even incarceration can leave a loved one, relative, or close friend unable to take care of important matters or make sound decisions that affect their lives.
What are Allowable 1031 Exchange Expenses?
Closing costs on commercial real estate can be extremely high, sometimes averaging between 3 and 5 percent of the total value of the asset you are buying. If your target property costs $2 million, that 3 percent could exceed $60,000 in fees and related expenses.
