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Financial Durable Power of Attorney and "Hot Powers"

April 6, 2021, by Daniel A. McGowan, on Probate Law and Procedure |

Hot Powers are found in Uniform Power of Attorney Act and are acts that pose risks of diminishing the principal's property or changing an estate plan.  Issues involving Hot Powers:

Gifting--Limited to an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion, unless specified.  See R.C. 1337.58.

The need for annuity purchase and beneficiary designation powers are critical fo Medicaid Planning.  See R.C. 1337.51.