Have any questions about how to use the community? Check out the Help Discussion.

POA

[Deleted User]
[Deleted User] Posts: 0
10 Comments 5 Care Reactions
Member
in I Am a Caregiver (General Topics)
The user and all related content has been deleted.
Tagged:

Comments

  • Quilting brings calm
    Quilting brings calm Member Posts: 2,477
    500 Likes 1000 Comments Fourth Anniversary 250 Insightfuls Reactions
    Member
    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: 574
    500 Comments 100 Care Reactions 100 Likes 25 Insightfuls Reactions
    Member

    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
Read more

Community Guidelines


Click here to review the ALZConnected Community Guidelines

Categories