My Dad had dementia and gave my cousin POA. She took 57,000 from his account. Can she do this?

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He gave my cousin POA she then took 57000 from his account and placed it in another account of which she is their poa without tellIng anyone but that person. After my father passed he will named my sister poa and that everthing he had was to be spilt between his 3 children evenly there after this lady removed 57000 she left 13000 in the account can she do this

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Executrix is correct for a female, and Executor is for a male or can also be used for a female when the court or attorneys do not know what gender you are. I have a typically male name and am always described as male.
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Ok, if you have POA you can take money out of the account if the bank lets you and it has to state that you are POA on the account and only that money is used for the person who has named you POA. You must document everything you use in relation to the person who has named you POA and it must be used on that person.. My suggestion is to seek an Elder Lawyer.
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I was given that term when my mother passed away, executrix, done so by my lawyer! I prefer just one term myself, but given to personal experience, this is what I went thru and given as a term.
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Actually in the instance of a will executor is the term whether its a male or female.....its whos the person whos been named to execute the deceased will.
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She can do this, as having total control of all your fathers finances and health control. However, there is a fine line as to what she really can do, as this would be considered abuse of power if she is just taking the money and running with it. If the money was spent on your father that is different. However, its a bit confusing, has your father passed? I asked this as its seemly a bit confusing to say she will be POA after he will passed... A executrix would be the name of whom a woman is called when left in charge of an estate, after a loved one has passed. It't not easy making decsions for a loved one, and hoping to make ends meet. Taking money from one account and putting into another is ok, if the money is being used to make payment on bills, food, household items, etc... that is if its for your father. Does your cousin live with your father? Just curious, as income from her and his accounts can be joined, but still she has this right as POA. However, if you feel this is more then helping your father out, using the acct. to pay his bills or both if she lives there, then you need to report this. IF you have access to his bank account, you can question, but if the bank is aware of the POA, they will not allow anyone, unless law enforcement is involved, tell anyone about your fathers finances thru that bank. My husband got upset with me, when I use his credit card to make payments and get gas and pay bills along with my income, as it was before he was disabled, I still need his income to make ends meet. He wonders with the money is, problem is, he makes allot less money on disability, then when he worked, and Im trying to make ends meet, and I do move his money to my acct. however, it's for both of us, and its on record as doing so. Some times we do take some time out to do some nice things, but he is aware of it. As long as the bills and rent and other payments are made he is happy. Its not easy to be the one who does all the work, and decide how it will go each day how to spend money that is not much to spend. I do hope your cousin has your fathers best interest in stride, and perhaps you need to ask her if and what is going on.
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DK daughter told me that I was wrong and check out my facts before posting, If you will go to the IRS they will tell you the same that I put in my emails about the gift limits. And the person receiving the monies will have to pay taxes on it. It has to be reported as income on the receiver of these moneys, if she didn't report it, the family will need to turn her in to the IRS. In other words, she can't keep the monies after the death of the individual. The cousin as to prove what she spent on the dad and the rest has to be returned to family.

And I have also checked my facts about the accounts. I said it depends on if the dad's name was on the account or not.

SO I HAVE CHECKED MY FACTS. This is also what my attorney has told me.
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Im in canada so may be different.....i & my sister are poa for my dad and we are also executors.....i put 31thousand in a tax free savings account with my dads & my name only.....for 2 reasons one he dosnt have to pay taxes on any interest earned....and when he passes that money would revert to me so I can continue to pay for his bills as I dont have the means to pay them and wait till all is settled to get it back....what is left over will be split between the 4 of us.....im just an honest daughter / sister who would never steal from my dad or siblings. So before jumping to any conclusions all i can say is ask questions on the cousins intentions....write something out and have them & u sign it so everyone knows whats truly going on. Best of luck that ur cousins intentions are good ones. Xo
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Also, most POA are for health care when a person can not make a decision for himself or herself about a life threatening decision, I believe it is the same for monies.

Once Dad has passed the executor takes control of all monies and bills, if Dad's is not on the account those monies will be considered a gift and this gift is over the IRS limits. Turn that cousin to the IRS, and if Dad's name is on the account then the executor has control of those monies and distributed these monies per the will or trust.

My dad has passed but if my mom needs the monies that dad gave us as a gift, I have to pay back or if the State needs it they will take all of the monies that he gave us.

I had to consult my trust attorney when my parents came to live with me and I was trying to help them protect their monies.

But it is illegal for cousin to keep the monies after dad's death. Those monies was only provided for cousin to make emergency financial decision for his needs while he is alive.

You should get control of the monies ASAP or the cousin will move it or say that she spent it, then you will have to sue her for what ever assets she has left, as say house, car, furniture jewelry etc.

But if account has both names, the cousin has to provide the bank with his death certificate, to get his name off of that account. So cousin can't move the monies until cousin provides those items. I had to do this with our banks after my dad's death, so I would assume that all banks require the same.

Debbie
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The way I'm reading it is that she put it in an account of another person for whom she is also POA and that this third party knows about it. Definitely need a lawyer on this one.
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I would consult a lawyer. I have had to deal with a similar situation, but my parents have a trust. Does your dad have a trust, or a will?

First mom and dad can not give any person over $13,000.00 without consequences per IRS. IRS says for an individual to not be taxed a gift is no greater than $13,000 A YEAR to a single person as long as he signs a gift letter, a form especially for a gift.

So since Dad's name is still on the account the $57,000 is part of his estate. Without a will or trust, the family can go to court and sue the cousin.

I would definitely consult an attorneys advice.

Hope that helps, Debbie
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