Help with transferring accounts

ebplionis

Hi everyone,

My parents have both been in a downward spiral for a while now, and their accounts are quite a mess, some haven't been accessed in years, some are way overdue, and the list goes on.  I've been managing the regular bills for a while now, but frankly this sort of thing was never my strong suit.  I'd really like to hire some help to help me get organized and a handle of some of the more complicated things (tax documents like 1099's from ss mailed to me instead of my parents, figuring out how to connect with their pension and retirement firms etc).  Is this something a geriatric care manager can help with?  A lawyer, an accountant?  I luckily have POA, but the banks and institutions want their own unique forms signed, and its all a bit much raising my own family, working, dealing with the intense emotional toll, and doing this.  

What did you do?

terei

I doubt you want to pay the hourly rate to an accountant for these tasks.  First do a change of address form for each of them so all their mail is sent to you going forward.

When you receive their financial mail, start a notebook with all the info you need + set aside some time weekly to get it all organized.  Most places do not need to be contacted on a regular basis.  The main thing is making sure you are getting all their mail

jfkoc

It can be what seems an impossible task but taken one step at a time you will be able to manage.

Yes, it would be expensive to hire a professional but bear in mind that if you do you will still have to present info to that person.

My suggestion is to start the notebook  suggested of assets and what legal documents you need to "file" for them.

Do the same for "liabilities"....not the right word but best I can come up with.

Get the forms the bank wants. Do not fight this.

Be certain the POA is durable and carefully read what it spells out what the agent can so.

I have a masters degree in Art History. In the past 15 years I learned double entry book keeping to run my husbands law practice and I am now responsible for 4 bank accounts and am responsible for 10 equity accounts. 

I do not doubt for a moment that someone other then myself could do a better job than I but I am doing it willingly if not happily so take heart, you can do this!

BassetHoundAnn

Start by calling each of the financial firms, pension funds, and banks. Explain the situation. Ask what their procedures are for you and your parents' situation and ask for advice on how to proceed. I've found that the people who work at financial firms are very sympathetic and will often go out of their way to be helpful to families in these situation. They've seen it all before, but also many have had to handle financial and paperwork problems for their own parents. Numerous times when I've made calls to straighten out my mom's affairs the sympathetic person who took the call said to me "My mom is suffering from Alzheimer's too. I know just what you're going through. I'll do all I can to help you." And they did. 

It can be overwhelming at first, but it gets easier. I have a blackboard in my office where I list calls I need to make. I chip away at the list whenever I find myself with a few free moments. I also keep on hand lots of extra copies of the durable power of attorney, the medical power of attorney and the statement of mental incompetence because it seems like I'm constantly mailing these off when I make doctor's appointments as well as when I try to obtain things like 1099 forms. 

Quilting brings calm

Any of you dealt with the Verizon cell phone co?  LO broke her phone and will need a new one. Also needs a hot spot line cancelled.  She isn’t allowed to leave ASL for non essential errands 

My carrier is not Verizon.  I have her POA.

sandwichone123

Yes, an accountant can help with this type of stuff. If you can afford it it's SO worth it not to have to spend your limited mental energy on this, especially if you're still working.

My dad ended having to try a few different accountants, but now is really getting a lot of progress on stuff that had been sitting for decades. SO worth it!

GothicGremlin

I've done pretty much what everyone else has discussed.  Working through all of the banking and other financial stuff is time-consuming, and a pain in the neck, but now that everything is completed, I can call the banks anytime I have a question and they'll talk to me. Or I can do what I need online and have access.  So, a lot of time spent upfront, but now I'm reaping the time savings benefits. And I echo what others have said -- when I've explained what's up with my sister, and that I have her POA, and what do need to do to make everything move smoothly, people have been incredibly helpful.

Getting that POA is key.  A step I haven't heard anyone mention, and that I think is important, is filing the POA with the IRS, and in my case, filing with the California Franchise Tax Board.  Yes, more forms (but they aren't difficult to fill out).  The reason I did this is that if I ever need to talk to the IRS or CA about my sister's taxes, we can have a detailed conversation about whatever the issue is. 

In terms of accountants, this is one of the places where I've decided that paying for this service is money well spent.  I personally don't want to spend the time filling out tax forms. I'd rather pay someone else to do it - someone who's going to be way more competent at it than me. 

Iris L.

You probably need an accountant who is certified to work with the IRS.  An enrolled agent.  I needed one because I had not been able to file taxes for several years.  The enrolled agent cleared that up and has been helping me ever since.  

Iris L.

BassetHoundAnn

I definitely agree with getting an accountant on board who's licensed by the IRS. They can check your parents' IRS account to make sure that everything is up-to-date. They can handle any questions and issues for you that may come up. And of course they can handle the taxes and forms. 

I think this is is especially important during this time of Covid when the IRS is not processing mail and returns as efficiently as they have in the past. I have had several issues with the IRS not receiving forms, payments and returns that I filed this past year, even those sent by certified mail, and a friend has as well while handling a family member's affairs.

I found a good accountant to handle mom's taxes this year and even though I have to gather the forms and submit everything, I'm going to sleep easy this tax season. 

It's also a good idea to have a consultation with a good eldercare law attorney who can check all the accounts to make sure they're set up properly, both for tax reasons and also for future care needs. 

The eldercare attorney I spoke with gave me lots of good advice on consolidating my mom's accounts, and selling off particular stocks and assets in order to ultimately make our lives simpler and easier. He was knowledgeable about both the tax consequences of selling assets as well as legal issues. Prior to our consultation he had me submit a list of her assets with copies of the statements so that he could see how the accounts were registered. It was a bit of work getting all this together but the consult was worth it.