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You need to ask a lawyer. A POA cannot do enter into agreements which benefits their self interests.
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Reply to tacy022
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I am sure you can; however, as JoAnn stated you will have to be able to access it if your mom needs to apply for Medicaid. I would suggest a CD not a whole lot of interest but most banks and other financial institutions have CD for one year; this way the money is not tied up for to long of a period.

Another one, which is a little more expensive but are short term with pretty good interest rate are bonds. I am not talking about bonds from a bank that in ten yrs you make 50 dollars! These a specialty bonds. This is how they work: Warren Buffett needed to raise funds to buy some trains instead of getting a loan through a bank or giving people shares, he borrowed money from everyday people. So, Buffett issued bonds out for x amount of dollars and people could buy as many or as little as they wanted. Why did he choose to go this way, because it the bank charges him (well say) 6% interest Buffett could sell bonds for his new train idea willing to pay 4% interest. This in turn saves him 2%. Furthermore, Buffett can state the bond will be repay to everyone in a year vs 10 to 20 years from a bank or risk selling shares (from his company) to people who may not want to sell the shares back to Buffett. This is a common practice that most people don't hear about. But it is a good way for Buffett or big companies to raise funds and save money. Microsoft did the same thing back when Vista Windows came out, for them they needed to raise some cash but didn't want to issue anymore shares so again they issue out x amount of bonds on the agreement that the bonds would be sold back to Microsoft in (I believe it was 2 yrs) again using smaller interest rate than a bank and shorter time frame to pay back the loan. However, you will need an investment broker to help you and they are not cheap!
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Reply to Shell38314
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As long as you can get to the funds if she ever needs Medicaid for her care. Medicaid will do a five year look back and ssk about any large amounts of money being withdrawn.
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Reply to JoAnn29
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