Ronald Morton's Elder Law Blog

POA Gifting Power Not Unlimited

A Pennsylvania appeals court rules that a durable power of attorney that allows the agent to "make gifts" does not accord the power to change retirement plan beneficiaries or to make large gifts of personal property absent specific authorization in the document. In Re: Slomski v. Thermoclad, et al (Pa. Super. Ct., Nos 1330WDA2007 & 1400WDA2007, July 29, 2008).

Nursing Homes Evicting Costly Residents

Nursing home evictions of frail and ill residents are rising, according to an article in the Wall Street Journal. The U.S. Administration on Aging reports that formal complaints of eviction practices have doubled over 10 years to 8,500 in 2006, and the practice of involuntary nursing home evictions may be far more prevalent because not all residents file complaints.

Garnishment of Social Security Benefits Illegal

The Social Security Administration's Inspector General concludes in a recent report that many banks are violating federal law by garnishing accounts that receive electronic deposits of Social Security benefits. The practice could imperil millions of low-income seniors and people with disabilities who rely on Social Security.

Exciting New Developments in Buy-Sell Planning

This article examines exciting new developments in business succession planning - specifically, the use of LLCs or partnerships to own life insurance for buy-sell planning purposes.  Such a structure obtains the advantages of cross-purchase and stock redemption buy-sell agreements without many of the disadvantages of either traditional structure.  This development is significant to all wealth planning professionals and their business-owner clients.