A cascaded power system including master power management circuitry and slave power management circuitry. The master circuitry includes a master power regulator, comparator circuitry, and control circuitry. The power regulator provides a supply voltage during a normal mode and discharges the supply voltage during a low power mode. The slave circuitry provides a core voltage when enabled and otherwise discharges the core voltage. The comparator circuitry monitors the voltage levels of the supply and core voltages and the control circuitry performs handshaking with the slave circuitry based partly on the voltages to ensure smooth transitioning between the normal and low power modes. The control circuitry asserts a low power good signal when the supply and core voltages are discharged, and de-asserts the low power good signal when the supply and core voltages are fully charged. A processor may rely on the low power mode signal for transitioning between power modes.