With Spider-Man and Wonder Woman demonstrating their superpowers in the summer box office, it seems like an appropriate time to review some “super” powers that should be found in a comprehensive Durable Power of Attorney. (Yes, it’s ok to laugh, or groan at that segue, as you prefer.) Here are a few:
- Power to gift or transfer assets (which may be necessary for tax planning or long-term care planning)
- Power to self-deal (to allow the agent, especially if a spouse, to make gifts to himself/herself)
- Power to access retirement plans
- Power to access digital assets
- Power to access assets held in trust