A question for a banker

[theiacowtipper]

My mother is incapacitated and I am her POA. The POA document specifically says I have the right to cash in savings bonds. She needs the money from the bonds to pay for nursing home care. The U.S. Treasury site specifically says the individuals with power of attorney cannot redeem savings bonds, however other sites say you can. Which is the correct answer? FWIW, her bank, when asked, said, "I don't really know but I don't see why not." Not exactly convincing and I don't want to go to jail.

There was another site that said it depending ont he amount of bonds being redeemed, again FWIW, with is about 100k. Thanks for the info.

 

[MN.HAWK]

First thing on Google search seems to tell you how to do it, without upsetting anyone

 

[ThatsFootball]

First thing on Google search seems to tell you how to do it, without upsetting anyone

Asking for advice on HROT when felony fraud charges are on the line.

God I'm glad us poors have been allowed back here. Thanks again Tom, I've missed this more than you can imagine.

 

[L. Wade Childress]

nice attempt at a humblebrag, but most of us drop that at a script club

 

[ANYCHawk]

nice attempt at a humblebrag, but most of us drop that at a script club

Yeah baby let me see them "Rs." Oh no you ain't getting off that easy, let's see those "Ws"

 

[TJ8869]

nice attempt at a humblebrag, but most of us drop that at a script club

I went to an Arabic script club one time but it was really disappointing. They kept everything completely covered up.

 

[ANYCHawk]

I went to an Arabic script club one time but it was really disappointing. They kept everything completely covered up.

You gotta make sure its a sans serif club. That's where they make sure they are without anything extra on.

 

[Wendy79]

nice attempt at a humblebrag, but most of us drop that at a script club

Calligraphy?

 

[LuteHawk]

To answer the OP's question:

If you have the P.O.A., then you could add this:
Have a doctor sign a paper that she is not able
any longer to conduct her financial affairs.

 

[mstp1992]

My mother is incapacitated and I am her POA. The POA document specifically says I have the right to cash in savings bonds. She needs the money from the bonds to pay for nursing home care. The U.S. Treasury site specifically says the individuals with power of attorney cannot redeem savings bonds, however other sites say you can. Which is the correct answer? FWIW, her bank, when asked, said, "I don't really know but I don't see why not." Not exactly convincing and I don't want to go to jail.

There was another site that said it depending ont he amount of bonds being redeemed, again FWIW, with is about 100k. Thanks for the info.

My advice to you would be to spend a little money and talk with an attorney. I manage a trust fund for my sister-in-law who's physicality and intellectually disabled (family dynamics are such that my in laws didn't want one of the siblings in charge).

I realize you're talking about a current sum of money to potentially be used for current needs; however, make sure all other sources are exhausted before cashing the bonds. Depending on how the POA was written you may be entitled to make such financial decisions for your mother, but to be on certain legal standing I'd suggest you get it verified. Oftentimes, there are other legal means to provide cash for such needs.
Also, I hope (if you have siblings) that everyone is on board with you as POA. Thats how I got named trustee for my sister In law.

 

[mstp1992]

Assuming you've had the proper paperwork completed indicating your mother's inability to manage her affairs, my advice to you would be to spend a little money and talk with an attorney. I manage a trust fund for my sister-in-law who's physicality and intellectually disabled (family dynamics are such that my in laws didn't want one of the siblings in charge).

I realize you're talking about a current sum of money to potentially be used for current needs; however, make sure all other sources are exhausted before cashing the bonds. Depending on how the POA was written you may be entitled to make such financial decisions for your mother, but to be on certain legal standing I'd suggest you get it verified. Oftentimes, there are other legal means to provide cash for such needs.
Also, I hope (if you have siblings) that everyone is on board with you as POA. Thats how I got named trustee for my sister In law.

 

[fredjr82]

 

[Rawl]

Spend the money to talk to a good estate attorney. This is America after all so might as well figure out a way to give away her assets to family so the state has to pay for her care.

 

[L. Wade Childress]

no pac man fans?

 

[ANYCHawk]