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How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

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Does a New Jersey Power of Attorney Agent Get Paid?

July 13, 2021

The principal creator of the power of attorney document sets the terms for the relationship. If the document has not been drafted, the principal is eligible to name the compensation, provide a flexible term, or specify that the agent is not to receive any compensation at all for serving in this role. The support of an experienced New Jersey estate planning lawyer can help to answer many of these questions and ensure that the paperwork is completed appropriately.

Flexible terms include statements, such as reasonable, meaning that the power of attorney agent is eligible to be paid and this is in distinction to a specified hourly rate form of compensation. Far too many people ask the question of whether or not a power of attorney agent can get paid after the fact. After the power of attorney document has been signed, this is the first source of evidence to identify whether or not the power of attorney principal created a strategy.

An agent is not entitled to a fee without the appropriate court’s approval if the principal has not specifically stated compensation for a power of attorney agent. Courts are eligible to use their discretion to award a reasonable compensation but they are not required to do so. Schedule a consultation with an experienced New Jersey estate planning lawyer to learn more about how this could affect you.

 


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can be of assistance.

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Our Social Media

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Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

The post 5 Budgeting Myths That Stop People from Saving first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more