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POA

[Deleted User]
[Deleted User] Posts: 0
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in I Am a Caregiver (General Topics)
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  • Quilting brings calm
    Quilting brings calm Member Posts: 2,397
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    edited June 27

    no. Your LO’s money does not become yours and you are not allowed to spend it on yourself or your children. You would be required to responsibly help your LO to use their money for their needs. Their assets are still theirs and they still need to file tax returns. Tax returns that you as POA would need to make sure are filed in their name, with a POA signature once they can’t sign any more.

  • H1235
    H1235 Member Posts: 498
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    Your lo’s assets will and must remain their own. As DPOA you will be allowed to make financial decisions for him, regarding his money. This can include everything from paying bills to selling his house(depending on how the DPOA is written). You will need to keep a record of everything you do on his behalf. His money and your money must be kept separate. I’m not a lawyer, but I can’t see how a DPOA would affect your income.

Commonly Used Abbreviations


DH = Dear Husband
DW= Dear Wife, Darling Wife
LO = Loved One
ES = Early Stage
EO = Early Onset
FTD = Frontotemporal Dementia
VD = Vascular Dementia
MC = Memory Care
AL = Assisted Living
POA = Power of Attorney
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