Can i get compensated if I am the power of attorney for an elderly relative?

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Can i get compensated if I am the power of attorney for an elderly relative?

I pay her bills, manage and balance her bank accounts, track and invest her savings. I spend approximately 5 hours per week on this task, sometimes more. I take no fee for this. Can I set myself up as a small business to somehow get a home-based business benefit from this? I spend not just time but money out of pocket that I’d like to “expense” somehow (gas, postal expenses, etc). If I needed to I could take a small yearly fee from her bank account to justify the business and I’m sure she would be supportive of this. I am looking for ways to set up a portion of my home as a home-based business.

Asked on March 7, 2013 under Business Law, Connecticut

Answers:

Tricia Dwyer / Tricia Dwyer Esq & Associates PLLC

Answered 8 years ago | Contributor

Hello. The Minnesota statute does not specifically address the matter of compensation or fees for an 'attorney-in-fact'.  However, an arrangement in common law may identify a minimum and maximum sum which must, of course, be reasonable in nature. You state the relative wants this arrangement, so I urge the relative to contact a private attorney so that her/his wishes may be effectuated pursuant to law. I urge that several attorneys are phoned in choosing 'the right one' to help: It is important your relative feel a sense of great trust and confidence in the attorney. I recommend that an older and more experienced attorney would be better suited to assist.  All the best.


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