A good financial power of attorney is essential for nursing home planning

A good financial power of attorney is essential for nursing home planning.

Attorney Tom Olsen: One of the kids comes to you and says, "Robert, I need to protect my mom's life savings from nursing homes." I'm sure one of the first questions you ask that potential client is, "Did your mom have a financial power of attorney in place?"

Attorney Robert Hidock: That's the very first question because they cannot help their mom or dad at all if they don't have a financial power of attorney.

Attorney Tom Olsen: Sometimes the answer is no. Sometimes mom or dad are still competent enough to sign their financial power of attorney. Hopefully, most people now understand that having a good financial power of attorney is essential as a part of your estate planning documents.

Attorney Robert Hidock: It becomes key. It's so frustrating when you're meeting with someone and you know you can help them, but they don't have the powers to allow them to work with us so that we can help their parents.

Attorney Tom Olsen: Meaning that they don't have a power of attorney at all or they don't have a very good power of attorney.

Attorney Robert Hidock: We see both of them.

Attorney Tom Olsen: Folks, when we do estate planning for people, whether we're doing a will or a trust for people here at the Olsen Law Group, we always include a financial power of attorney. That financial power of attorney has some very specific powers about Medicaid planning and protect the life savings from nursing homes. We know if you get your financial power of attorney done with us at the Olsen Law Group, we know that it's going to be good enough.

Attorney Robert Hidock: Absolutely.