Episode 263

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Published on:

20th Jul 2023

Power of Attorney: Your Financial Lifeline in a Bottle

Hey there, wine enthusiasts and financial aficionados! In this episode of "Wine and Dime," I'm thrilled to uncork the complex topic of Power of Attorney in Estate Planning. We'll pour out the details, swirl them around, and give you a taste of why this legal document is a crucial part of your financial vineyard. So, grab your favorite glass, sit back, and let's dive into the world of Power of Attorney, one sip at a time.

Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Key Takeaways:

  • Powers of attorney can be either temporary or permanent and are essential for planning for emergencies and incapacity.
  • A durable power of attorney remains in effect even if the principal becomes incapacitated, while a nondurable power of attorney ends in such situations.
  • It is crucial to appoint a trustworthy agent with integrity and consider appointing a secondary agent as a backup.
  • A durable financial power of attorney allows the agent to handle the principal's financial affairs, while a durable healthcare power of attorney enables the agent to make medical decisions.
  • Powers of attorney do not continue beyond a person's life, and separate documents are needed for financial and healthcare powers of attorney.

A Journey to Billsboro Winery

I kicked off the episode with a delightful recount of my visit to Billsboro Winery. Nestled on the shores of Seneca Lake, this winery is a must-visit for all wine lovers. My recommendation? The Alberino - a refreshing white grape wine that's perfect for summer. So, whether you're a local or a visitor, make sure to add Billsboro Winery to your itinerary.

Decoding Power of Attorney

Next, I uncorked the main topic of the episode: Power of Attorney. I explained the two types of Power of Attorney - financial and healthcare - and the difference between durable and non-durable. I emphasized the importance of appointing a trustworthy agent and having a successor in place. Remember, this isn't legal advice, but a guide to help you understand the terminology and its relevance to your life.

Pitfalls to Avoid

I also highlighted some common pitfalls to avoid when dealing with Power of Attorney. From appointing the wrong agent to not having access to the physical document, I outlined potential issues that could leave a sour taste in your financial planning.

Recommended Wine

To pair with this episode's theme, I recommend the Alberino from Billsboro Winery. Much like a Power of Attorney, this wine is there for you when you need it most, providing a refreshing, reliable taste that you can count on. So, as you navigate the complexities of estate planning, take a moment to savor Alberino's crisp, light flavors. After all, who said legal discussions couldn't be paired with a delightful wine?

That's it for this episode of "Wine and Dime." Stay tuned for our next episode, where we'll delve deeper into your final wishes. Until then, keep sipping, keep learning, and remember - life, like wine, should be savored, not judged. Cheers!

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

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About the Podcast

Money Roots
Money Roots with Amy Irvine
Welcome to "Money Roots," the podcast where personal finance becomes personal. Join host Amy Irvine, CEO of Rooted Planning Group, as she demystifies the world of finance and makes it approachable for everyone, from beginners to financial experts.

In each episode, Amy and her guests dig deep into the financial soil, planting the seeds of financial knowledge and helping you nurture your financial future. Whether you're looking to build a solid budget, invest wisely, or plan for retirement, "Money Roots" has you covered.

Get ready to explore practical advice, inspiring stories, and expert insights that will empower you to take control of your financial destiny. It's time to grow your money roots and thrive financially!

Subscribe to "Money Roots" now and join Amy on this exciting journey to financial empowerment. Let's put down some roots and flourish together.

About your host

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Amy Irvine

Uncorking Amy Irvine!!

If any of you have ever met Amy, you know she is passionate about
three things. Family, Finances, and WINE! This comes through in all
that she does and all that she is. When asked to describe herself she first and foremost states, “I am a wife, a daughter, and hopefully a good friend, who happens to also be a financial planner.” Amy holds a Master’s Degree in financial planning and is a Certified Financial Planner TM , Enrolled Agent, Certified College Financial Consultant, and a Financial Wellness Coach with over 25 years of financial planning and industry experience. She is the Founder and owner of Rooted Planning Group, (Formerly known as Irvine Wealth Planning Strategies LLC), which started in 2016 and has grown to include 6 other planners and 2 part-time staff members. Amy is definitely “doing it her way” and has been recognized by her financial planning colleagues as being a “disrupter,” a title she holds close to her heart and is proud of.

Uniquely, at the age of 44, she decided to not only start her only company, but to act on what she defined as her perfect life and she splits her time between Parrish, Florida and Jasper, New York.
On her website it states, “I love what I do, but I also very much enjoy warmth, good
conversation, wine tastings, and volunteering. New York is extraordinary in the summer and fall, but so is Florida in the winter.”
In 2018, she decided it was time to take the stigma out of finances by combining her passion for finances and wine. She started a podcast called “Wine and Dime,” which highlights a different wine and financial topic each week, and she released her book combining those same two passions, titled, “Uncork Your Finances.”
Many of you may know her as one of the co-founders of the Southern Tier Women’s Financial Conference – a day of collaboration and financial education, which will be hosting it’s sixth year!
To round out her volunteering passion, she often provides financial education to the
community through the financial management program of Cornell Cooperative Extension of Steuben County, she serves on the board of Faith-in-Action of Steuben County, volunteers for various Fund For Women of the Southern Tier events, works with the finance committee of the Arts Council of the Southern Finger Lakes, and serves on the board for the Corning Painted Post Historical Society (also known as Heritage Village).
In her downtime, you’re likely to find her with a glass of red wine from one of the many Keuka or Seneca Lake wineries that she highlights in her Wine and Dime Podcast.