Power of Attorney for Finances: What to Know

8 Things to Know About Power of Attorney for Finances
  Return to Class

about 7 years, said...

Do I need to claim money paid to me for POA work (time on paper work & mileage) or work done on Mom's house to sell as income on my taxes?


about 8 years, said...

My dad had a poa drawn up after my mom died and named me as the attorney. He is in good health and handles his afaires but he asked me for the poa paperwork but didn't tell me what he needed it for. Is there any reason he would need it to make finically change something or take out a loan of some kind. We are fine and I have a very good relationship with him and he has always trusted me and including in any changes or desisions he makes but I am worried someone may be looking to get him to do something like a second mortgage on a house that's paid for. Would you need to show a poa to do that? He has plenty of money if he wanted to do cosmetic things to the house and doesn't need to mortgage the house all his bills are paid he has no financial needs so I am not sure what you would need it for. Can you help me?


almost 10 years, said...

My father was in a nursing home prior to him dying. My dad had a bank account with an amount of money that kept him from qualifying for medicade. My father did not have a power of attorney or a will. The nursing home contacted me and we talked about me becoming POA. I agreed and the nursing home tried (drug their feet) for two months trying to get a notary into the nursing home to get the POW finalized. When we finally met, the nursing home failed to have the witnesses needed to witness the signature. I did now know this until I went to my father's bank. I sent the form back to the nursing home on Saturday for the needed signatures. My father died the next week on Thursday and I received the POA form that afternoon. On the form were two signatures, one I couldn't understand but one of them I did understand and this person wasn't in the room when it was signed with my dad and the notary. I thought this was strange and I believed it was fraudulently signed but my father had died so the POA wasn't any good. I am receiving calls from the nursing home telling me that I owe almost $13,000 for my fathers bill for which I told them I am not paying anything because I did not sign anything other then POA and I didn't sign him into the nursing home. I just received a letter from a lawyer saying the money was owed to the nursing home. My question is, am I responsible for the bill


over 11 years, said...

I have a power of attorney but is there a separate one for finances?


almost 12 years, said...

Can copies be made by the one who is made power of attorney, and when is the original given up and to who?


almost 12 years, said...

my mother and grandmother live together because my mother takes care of her. They live in my grandmother's house, which the title reads, my mom, her brother and my grandmother (their mother). My Uncle has threaten many times once my grandmother dies he want's to sell the house to get his share. Well this means he will kick my mother out. What can my grandmother do to protect my mother to stay in the house. My mother pays all taxes, bills, repairs, etc on the house and supports my grandmother.


about 12 years, said...

I was told I need for get a representive payee from social security, is they could talk for me of my husband was unable for talk with them. Do I have for for that of I have a durable power of attorney?


about 12 years, said...

I have power of attorney and my mothers savings are running low, and I usually pay the care givers with this, since I have to work full time. She owe's a home but the title is listed with me as trustee. Can I do a reverse mortgage on her home so I can use money for her care for duration of her life???


over 12 years, said...

Hello Anonymous, Thank you for your email. Here is an Ask & Answer page all about POA and liability over debts: ( http://www.caring.com/questions/power-of-attorney-debts ). I hope that helps. Take care -- Emily | Community Manager


over 12 years, said...

Question for you: I f you do have a power of attorney, and are paying the bills for care, and the parent runs up a huge debt without you knowing on an unknown new credit card, are you responsible?


almost 13 years, said...

We are going through this right now - and the articles are very much appreciated.