How to deal with financial resources of an elderly person with dementia who has a POA?

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How to deal with financial resources of an elderly person with dementia who has a POA?

My husband’s stepdad has been placed by the state/VA into a memory care facility. My husband has responsibility, via power of attorney, for the finances and medical care. Originally it was thought there was just a few thousand dollars of financial resource that could be “spent down” on amenities for his stepdad at the facility in which he is housed. But as time has passed and more mail has been forwarded our way, it appears that there is a substantial additional sum that exists in a CD. It is our understanding that if it is not dealt with in some way it will be confiscated by the state.

Asked on June 26, 2012 under Estate Planning, Oregon

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If your husband has a power of attorney (poa) with respect to his step-father, you and he need to carefully read the poa to see what powers your husband has with respect to his step-father in that the terms of the document set forth what your husband can do or not do.

If the powers are broad, then your husband can have access to the certificate of deposit (cd) to benefit the step-father. I suggest that your husband go to the lending institution where the cd is located with the power of attorney in hand and speak with the lending institution's manager about the cd and placement in his name "as attorney in fact" for his step-father.


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