Spencer Law Firm LLC
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November 2014 Archives

Medical Deductions for Senior Citizens Part I

Many senior taxpayers claim the standard deduction on their annual income tax return instead of itemizing deductions. Often seniors pay little or no mortgage interest, and they usually don't owe much for state and local income and property taxes. Most of the common itemized deductions don't add up to much for seniors. Add to that the fact that taxpayers over age 65 are entitled to larger standard deductions, and it is easy to see why many seniors don't itemize. Nevertheless, if they have significant medical expenses, they should consider itemizing.

Does a Power of Attorney Really Work? Part II

Sometimes banks and other financial institutions, such as brokerage houses and insurance companies, refuse to honor a power of attorney when they think the document is "stale," that is, a significant amount of time has passed since the POA was executed. This refusal means that an agent may have a useless document if it was executed a decade or two prior. This is not a "legal" reason, but it is a policy adopted by many financial institutions. In real estate transactions, buyers, their attorneys and title companies, may choose not to recognize a power of attorney if it was not filed or recorded with the recorder of deeds in a timely matter. If the power of attorney document designates only one agent and that agent is either incompetent or deceased, then the document is of no use.

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Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

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