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Does anyone know, if you have a power of attorney for your parents (getting very senile) can you transfer their property out of their name?
It depends on the power of attorney you have.
General or specific?
Limited duration or open ended?
You should probably have a lawyer look at the PoA that you have, and advise you as to what you can do and cannot do with that particular document.
Thank you
The POA covers everything. Because we know that Mom & Dad aren't doing well. We didn't want to wait until the last minute and have to worry about changing everything over. If they have to go into a medical facility, is there a time limit on liening the property if it has been transfered into another name?
I really appreciate all the info.
Quote:
Originally Posted by Bill Keegan
It depends on the power of attorney you have.
General or specific?
Limited duration or open ended?
You should probably have a lawyer look at the PoA that you have, and advise you as to what you can do and cannot do with that particular document.
As long as it covers everything, you do indeed become the person in question. When mom was ailing, my job was to tidy up her affairs and consolidate her funds from several accounts in several banks to just one. Loved the look on the teller's faces when I tried to do that.
"Oh, she needs to appear in person since you're not on her account".
"Here, read this (presenting POA)...she is here, call me Martha if you like".
"If they have to go into a medical facility, is there a time limit on liening the property if it has been transfered into another name"
Last I knew it was 5 years if you're referring to them going on Medicaid to cover facility costs.
That is correct. I work w/ Medicaid a lot and it's called the "spend down" phase....shifting of assets....5 years will need to pass in order to qualify for Medicaid.
That is correct. I work w/ Medicaid a lot and it's called the "spend down" phase....shifting of assets....5 years will need to pass in order to qualify for Medicaid.
Be cautious and make sure you understand what you are doing. Depreciated investment property for instance can cause large tax bills if sold as can even principal residences if they appreciated sufficiently.
Note that a bank may decline a PofA and there is not much you can do about it other than get a court order...which may open up another can of worms.
This sort of thing needs some level of professional help if there is any large assets involved. It is tricky and doing it wrong can cause big problems.
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