It is very common for our office to draft and supervise the signing of a financial power of attorney for a client.  In many cases, the client names a child as his or her “agent” to assist due to the declining health of the parent.  The child is then required to take the document to the bank to be named as the agent on the parent’s bank account.  It is extremely important that the agent be designated properly.  The agent should be designated as “POA” in order it be clear that the son or daughter is acting on the account in a fiduciary capacity.         

For more information about bank accounts and the power of attorney designation, please click on the link below from the NJ Bankers Association.

Bank Accounts and the Power of Attorney Designation

About Jerry

Jerold E. Rothkoff, a practicing New Jersey and Pennsylvania attorney, is the Principal of the Rothkoff Law Group, an elder care law firm. Jerry dedicates his practice to serving clients in the areas of life care planning, long-term care planning, Medicaid & VA benefits, and advocacy for the elderly and disabled. He is past President of the NJ Chapter of the National Academy of Elder Law Attorneys, former chair of the elder law section of the NJ State Bar Association, and past President of the Life Care Planning Law Firm Association. Jerry continues to be an outspoken advocate for the rights of the elderly and disabled. He writes for and gives presentations regularly to attorneys and other professionals about legal issues related to seniors and those with disabilities. Jerry’s community activities include the Twilight Wish Foundation, the Delaware Valley Stroke Council, the Alzheimer’s Association, as well as numerous other advocacy groups. When not in the office, Jerry spends time with his wife, Erica, and their five children, eighteen-year old identical twin girls, Liza and Julia, fifteen-year old fraternal twin boys, Evan and Gregory, and six-year old Aitan.

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