quote:

Originally posted by ArtieS:
To Aglifter's point, words can have different definitions in different jurisdictions. Guardianships are hassle-filled and dangerous (you can lose your guardian to the court). In Texas, they may be fine.

You can't know without dealing with an experienced lawyer in your parent's jurisdiction.

Good luck, and don't wait.

Best advice given, and with their ages, you need to move on this fairly quickly...

quote:

Originally posted by jhe888:


Most institutions want you to use their own POA form, even if the other one is broad enough to cover it. Every try to get a bank to honor a POA they didn't bless? They generally won't.

Agreed. Whenever an institution offers a POA, USE IT. It's too common for them to kick back a POA an attorney drafted.


I don't have much to add other than two things for the OP:

1. If you have full knowledge of all their qualified retirement accounts you should be able to ask a CPA how much the RMD is based upon their age and the total.

2. I've had to do many 3 way calls with older clientele to get their authorization to release information. I begin by letting the elderly client know I'll be making a call on their behalf and to standby waiting for my call so they can authorize me with the institution. I call the institution and navigate all the prompts to get to the right person and explain the situation. I then connect the elderly client and let the representative verify their identity and get authorization to speak on their behalf.


As I said, I can request information using this method. If you need to execute, as in request a disbursement that meets the RMD requirements, I'm almost positive that request has to be in writing and signed by the account owner (or POA if they have it on file).

quote:

Originally posted by ArtieS:

quote:

Originally posted by Aglifter:
Almost everyone waits too long to put their parents under guardianship.

This can be one of the best things you can do for them.

It’s not just about mental acuity. It can be to protect them when they have vision/hearing problems as well - or even tech issues.

For the love of Almighty God, do NOT put your parents under a guardianship. At least in Florida, guardianships are monitored by the court, and there is an official appointed to keep an eye on you. There are also ongoing expenses to support this system.

Get an appropriate trust for your jurisdiction and tax position, and have yourself appointed as trustee. Also get a POA. If properly set up, the trust + POA gives you everything you need during their lives, and when they die, everything will be in the trust under your control.

Get a lawyer in their jurisdiction who knows their business.

Thank me later.

Agreed, at least insofar as a guardianship being likely to be the last thing you want. Guardianships in Texas (and many states) are monitored by the court, require periodic accounting to the court, and probably a bond. You also have to have a serious hearing to prove to the court a guardianship is warranted. If the person is not actually incompetent (actually not capable), you won't get it. Ask a lawyer about the better and less serious alternatives.