Bank Pays Price for Failing to Honor a Power of Attorney

logo Bank of America

A durable power of attorney (POA) allows the person creating the POA, called the “principal,” to name a trusted agent who can act on his behalf in almost any situation. But because of the risk of abuse, many banks will scrutinize a POA carefully before allowing the agent to act on the principal’s behalf, and […]

Understanding the Differences Between a Revocable Trust and an Irrevocable Trust

Declaration of Trust document image

Trusts can be useful tools to pass assets to the next generation, protect your assets, save on estate taxes, or set aside money for a family member with special needs. The question I hear most often regarding trusts is “What is the difference between a Revocable Living Trust and an Irrevocable Trust.”  Although both are […]