I am my mother's POA. Will she be penalized if her monies are transferred to my account for purpose of paying for her care/expenses?

Question

E

evanpoole66 Asked June 2019

I am my mother's POA. Will she be penalized if her monies are transferred to my account for purpose of paying for her care/expenses?

I use my bank card to pay for a large portion of Mom's In-home Care and other expenses. While she was living in her home I utilized her bank account to pay for housing and utilities, repairs, etc. Any expenses she had, I would go into her account to pay for them by transferring the money used back into my bank account to pay off the credit card. Will this delay/prevent her from being placed into a nursing facility; and money from sale of home if invested, will it be used to pay for her nursing care.

Financial Planning Paying for Care Power of Attorney (POA)

4 Answers

Most
Helpful Newest
First Oldest
First

Recent Questions

Related Questions

score 2 · Answer 1

Only if her account is in both of your names, if not, you are comingling funds, I hope that you have kept pristine records. Why do you need to transfer funds to your account? I paid all my fathers bills right out of our joint account, never put a dime in my account.

Helpful Answer (2)

score 4 · Answer 2

As POA you have the authority to set up and use a bank card for HER account, transferring the money into your account first just muddies the water and makes things look suspicious even when they aren't. I hope you have a very good paper trail.

Helpful Answer (4)

score 3 · Answer 3

Her money is for her needs and care. You should be paying everything of hers, from her account, not by transfer to your account. Sale of house proceeds should also be in her account, that money is for her care. Medicaid is in the picture for nursing home? They will audit her accounts for possibly five years back. Put the records together showing that every transfer to your account paid for her expenses and that you paid them.

Helpful Answer (3)

score 2 · Answer 4

is this a joint account between you and your mom? If so, you shouldn’t have to transfer money. If she’s on Medicaid, I’d be extremely careful transferring any funds anywhere, especially if you are not on her account. It could be considered gifting and she’d lose her benefits.

Since you're also asking about the sale of her home, if it were me, I’d engage the services of a financial planner/ advisor and make sure everything is done correctly.

Helpful Answer (2)

I am my mother's POA. Will she be penalized if her monies are transferred to my account for purpose of paying for her care/expenses?

4 Answers

Recent Questions

Popular Questions

Related Questions

Ask a Question