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Power of attorney for tax purposes Form: What You Should Know
You should give your POA declaration to the taxpayer and the financial institution the POA describes. The POA declaration should be made in your own writing. Taxpayers may sign the POA declaration and send it to the Financial Institution or the person to whom it is addressed.
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Instructions and Help about Power of attorney for tax purposes
Hi my name is Denise Martin and I'm an attorney at McChesney andale in Bowie Maryland I want to talk with you about one estate planning document that we highly recommend everyone consider having a power of attorney a power of attorney enables you to a point in agent who can act on your behalf with respect to business legal and financial transactions some circumstances in which you may need a power of attorney include one fewer out of town or two if you became incapacitated often a power of attorney may be used as an individual gets older and they require assistance from a family member or a friend to pay their bills and make sure their accounts are balanced a power of attorney can only be used during your lifetime it's used ceases upon your death the Maryland legislature has established a statutory based power of attorney in it grants broad powers to your agent therefore you want to select someone that you trust as your agent your agent will have the authority to pay your bills handle transactions with your bank invest your money and stocks bonds and other investments file and pay taxes manage your retirement benefits and enter or defend a lawsuit on your behalf I make choice annandale we use the statutory based power of attorney and we've also added a number of additional provisions that our clients have found to be very helpful in the past there is one excellent protection to using the statutory based power of attorney financial institutions are required to accept it if a bank refused to accept a power of attorney your agent could sue and recover attorneys fees if you have any questions about the use of a power of attorney or other estate planning related questions...