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Hello, I am the Attorney in fact for my Friend, an elder Lady whom is now incompetent (Dementia/Alzheimer) with a considerable estate (zero real-estate), but funds in cash, Life Insurances, annuities, cd's, stock and bonds. There are no known relatives and after extensive research no indication pointing to relatives have been found and there is no will.. As her A.I.F., can I form a not for profit Organization (Foundation?) named after her with the purpose of making donations to Orphan homes, Veterans causes, Churches and other charitable causes? If a Foundation is formed, will the Foundation ultimately after my Friend's passing be dissolved and the funds go to probate, or will the state (Florida) allow the Foundations operation to go on? How must I go about in order to be able to secure the Foundation to be allowed to proceed with its operation after my Friend's passing? What all is involved? What would your charges be, for me to have these questions answered? Thank you Roland
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Whether the authority provided to you by the power of attorney is sufficient to establish a foundation, or other wise make gifts, can only be determined through a review and evaluation of the power of attorney document, and depending on the language in the document, whether it was executed in accordance with the Florida Durable Power of Attorney statute.
Generally speaking, a power of attorney does not include the authority to make gifts on behalf of the principal, unless that specific power is included in the power of attorney, and if the power of attorney was signed after October 1, 2011, the principal must have initialed the margin next to the paragraph that identifies that power.
You should immediately seek counsel from an an attorney experienced in estate planning, elder law, guardianship and/or charitable planning.
You can learn more about the authority provided by a durable power of attorney at our website: www.thecolemanlawfirm.net\Powers_of_Attorney.php
If the transfers are authorized by the power of attorney, the assets used to fund the charitable foundation will no longer be included in your friend's estate, and there will be no probate of those assets. Any assets that remain in your friend's name will go through probate.
I hope this helps.
C. Randolph Coleman
Answered on May 15th, 2015 at 12:16 PM