what is reasonable compensation for a power of attorney

Unless your power of attorney form specifically prohibits compensation, agents under a power of attorney are generally entitled to "reasonable" compensation. What is considered reasonable is going to depend on your duties and the area you live in. But it sounds like your duties go far beyond what an agent under a power of attorney would typically be reimbursed for.

Full Answer

Does Someone with power of attorney get paid?

What is Reasonable Compensation for an Agent Under a Power of Attorney? March 3rd, 2017 Q. What is a reasonable amount of reimbursement for me as an agent under a power of attorney who is paying bills, picking up prescriptions, and going on doctor visits and trips to buy groceries for my elderly mother? ... Is an Agent Under a Power of Attorney ...

What is reasonable compensation for power of attorney?

May 02, 2017 · What is a reasonable compensation for an agent with power of attorney? This is a difficult issue and depends in large part on whose eyes are doing the beholding. First, let’s be clear about terminology. There is a huge difference between “compensation” and “reimbursement.” Reimbursement is more akin to a short-term loan by the agent.

When can a power of attorney be compensated?

Apr 13, 2017 · There is no perfect statutory answer in Pennsylvania, but it is clear that a person actively acting as power of attorney is entitled to fair and reasonable compensation for the work they are doing. Most Agents will charge on an hourly basis, but there are occasions where they will charge on a flat fee amount on a monthly basis.

What can I do with power of attorney?

The Average Salary of Compensation for Power of Attorney. A power of attorney is nothing more than a special kind of legal document that grants someone else the legal authority to act on your behalf. A power of attorney is not a job, a position or a career. Rather, it describes the relationship between two people.

Does a power of attorney get paid?

Attorneys can even make payments to themselves. However, as with all other payments they must be in the best interests of the donor. This can be difficult to determine and may cause a conflict of interests between the interests of an Attorney and the best interests of their donor.

What is power of attorney entitled to?

A power of attorney gives the attorney the legal authority to deal with third parties such as banks or the local council. Some types of power of attorney also give the attorney the legal power to make a decision on behalf of someone else such as where they should live or whether they should see a doctor.

Does a power of attorney get paid in Ontario?

Unless the PoA excludes compensation, an attorney for property is generally entitled to compensation at the following rates: - 3% of income and capital receipts - 3% of income and capital disbursements - 0.6% per year of assets under management.

What three decisions Cannot be made by a legal power of attorney?

You cannot give an attorney the power to: act in a way or make a decision that you cannot normally do yourself – for example, anything outside the law. consent to a deprivation of liberty being imposed on you, without a court order.

What are the disadvantages of power of attorney?

What Are the Disadvantages of a Power of Attorney?A Power of Attorney Could Leave You Vulnerable to Abuse. ... If You Make Mistakes In Its Creation, Your Power Of Attorney Won't Grant the Expected Authority. ... A Power Of Attorney Doesn't Address What Happens to Assets After Your Death.More items...•Sep 4, 2018

What expenses can a power of attorney claim in Ontario?

A: Your wife can claim a fee as Power of Attorney, because you reside in Ontario. Other provinces handle the matter differently, but in Ontario you can claim 3% of the monies received and disbursed by the grantor, and a management fee of 3/5ths of 1% of the average annual value of the grantor's assets.Jun 24, 2014

How much does a power of attorney cost in Ontario?

The legal fees of a power of attorney in Ontario are usually calculated based on the document you want to authorize to a lawyer. The price can range anywhere from $100 to $300 per document.

Can a power of attorney gift money in Canada?

The Act stipulates that a gift or loan to a friend or relative, or a charitable gift, not be made if the incapable individual expresses a wish to the contrary. Give this some thought before executing your Power of Attorney.

What is Fair Compensation for Your Agent?

As a general rule, it's best to provide for compensation in the document creating the trust or agency relationship. Michigan law provides that a trustee or an agent is entitled to "reasonable compensation" if provided for in the trust or power of attorney documents.

How Payments to Family Could Affect Your Eligibility for Medicaid

You might not need Medicaid now. But if you ever need care in a nursing home, you probably will. Nursing home care is very costly, in some cases $100,000 per year or more. Few families can bear such an expense for long without help.

Phillip William Gunthert

If you are indeed the Agent that has been named in the power of attorney you may or may not find this helpful for your circumstances. You cannot get a POA if she is mentally incapable of understanding what she is signing.

Carol Anne Johnson

What you are describing is not the functions of a POA. It sounds more like a Personal Services Contract, which basically will pay you to do the jobs that you have described and can be (and often is) used to reduce the assets of the disabled individual for the purposes of Medicaid qualification.

Joseph Michael Pankowski Jr

Thanks to you for being willing to step up to serve as your step-mother's attorney-in-fact. My concern here is that you are clearly operating without an experienced Florida attorney to advise you.