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How to avoid being taxed on parents money as POA

My 96 y.o. mother lives in another state and her bank has no branches in mine. I have had to open an account in my name to handle her bills for assisted living and all else. She is not competent to deal with finances. What do I have to do to avoid having the IRS consider her money as my income?
Status: Open    Oct 05, 2016 - 10:28 AM


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Oct 05, 2016 - 12:34 PM

You should be able to open an account as her attorney-in-fact (power of attorney). It would be her account using her name and SSN. You would be the only drawer/signer on the account. The account would read something like this: Good Son, as attorney-in-fact for Dear Mother. The other option is open an account in your mother's area with a bank that has a branch near you or you could use on-line banking and manage her current account from anywhere. If you open a new account list yourself (or whomever your mother wants) as the POD, pay on death beneficiary. Othewise your access to the account will cease when she does.
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