I have Legal Guardianship over my mother and I was wondering if I could use her finances for HOA fees within my condo association if she lives with me? Before purchasing my condo, I rented an apartment and both of our names were on the rental lease so my mom paid half and I paid the other half. When I purchased my condo, I put everything in my name meaning mortgage, deed, and the electric bill. Heat and water are included in the HOA fees. I pay the mortgage with my income and also the HOA fees and just use my moms income mainly for Food and household items and of course her personal needs. Recently my mortgage payment went up and so did my HOA fees so it has become a little difficult for me to pay both. I was wondering if I could use my mom’s finances to pay for HOA fees even though her name is not on the mortgage or deed?
Mom uses her $ in her own bank account (which still gets her SSA monthly income direct deposited into it) and this account of hers is used to pay for things that are totally her’s…. like copays for medical or for prescriptions, her clothes, her own tithing to her church, etc. You should be a signature / signatory on the account (so you can manage it online or cash a check if need be) and have it POD aka pay on death to you (so the balance passes to you outside of probate). But you should not be a Co owner or do any commingling of your $ and hers in this account (due to SSA regulations).
if your being guardian is new, pls pls pls find out from the court as to if there is an annual hearing &/or an annual financial accounting for your mom. The staff at probate court tend to be super helpful in showing you what needs to happen and what the forms are or what the template is for filing. If there is an annual to be done, ideally you want to start a binder and keeping track now.
also if you had to pay attorney or other costs to become guardian, if I’m not mistaken, those costs can be reimbursed to you. The exact fees and the exact costs should be able to be reimbursed. Ask the attorney who worked with you on the guardianship about this.
Keep records and receipts of what everything costs and split the expenses 50/50. You can also talk to the probate court in your area about what amount you are allowed to take from your mother's income for your services as her guardian. They will tell you or will suggest an attorney that can help you with that.
If it is just the 2 of you she pays half of ALL expenses. Mortgage, taxes, gas, electric, food, insurance....
I am surprised that this was not explained to you since you are Guardian.
Keep DETAILED documentation as to EVERY CENT that is spent for her care and living expenses. You should present this when you file your Annual report to the Court.
What I did was this...
My Husband had an account in his name (I was listed as Guardian)
Each month I would total up all the receipts and write a check for that amount and then deposit that into my account.
I kept each receipt and the total in an envelope so that if it were ever audited I would have all the papers. I presented the binder with all the envelopes to the Attorney when I had to go to Court.
I never had a problem.
Write out a budget of sorts with all your expenses.
Keep a copy of each bill, printed out, not on line so that you have the exact amount that the bill is for.
Lot of paperwork but it is what you have to do to make the Judges "happy"
It took me YEARS after my husband had died before I stopped saving receipts it was so ingrained to keep them as well as going paperless with most bills