PoA took home from their mom. Is there a tax consequence

0 answers | Last updated: Feb 11, 2016
Concern for mother asked...

PoA's (sons) signed over their mom's house to their wives and themselves, then signed over this transaction to themselves in an irrevocable trust in their names only. The mom does not know, nor sign, nor gave permission to do so. She has a Will dictating what to do with personal property (divide equally among her 5 children). PoA's then bought a new home using as down payment funds from their mom's account. The new house is in the PoA's name in an irrevocable trust. Their mom's name does not show up anywhere on the deeds. They moved their mom to this new house, put up the old house for sale. The house sold this past week. Is this legal and is there any tax consequences to the PoA's? There have been other financial abuse before this.

Stay Connected With Caring.com

Get news & tips via e-mail