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Barrister
Barrister, Criminal Defense Law
Category: Criminal Law
Satisfied Customers: 36626
Experience:  16 years practicing criminal defense.
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I am POA of my aunts account. The some of the accounts have

Customer Question

I am POA of my aunts account. The some of the accounts have my name on them and the others have my brothers and sisters on them. Can I close the accounts and get the money and give my family their money and keep my money.
Submitted: 3 years ago.
Category: Criminal Law
Expert:  Barrister replied 3 years ago.
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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Is aunt still living or has she passed away?
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Are you listed as a joint owner on some of the accounts with aunt?
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And your siblings are listed on other accounts with aunt?
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Thanks
Barrister
Customer: replied 3 years ago.

Yes she is living. I don't think it is a joint account but our names are XXXXX XXXXX accounts. Well I am on some accounts with her name only and the other accounts all 4 of us are listed on the accounts.

Expert:  Barrister replied 3 years ago.
Ok, does she agree to allow you to remove the money and distribute it to the other owners on the account?
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If so, then you are fine and there is no problem. But if you didnt' get her permission or she didn't tell you to do so, then there could be a problem if anyone decides to challenge any withdrawal. The reason is that while you have the power as POA to withdraw money from her accounts, you also have a legal duty to act in her best interests. So if it isn't in her best interests for you to distribute the money, there could be a problem if she objects.
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Thanks
Barrister
Expert:  Barrister replied 3 years ago.

Hello again,

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I noticed you rated my service as "poor" and I was a little confused.

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Did you have further questions or need clarification on my answer?

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I am sorry if my answer wasn't what you had hoped to hear, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers, even when an answer is not favorable to the customer.

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Thanks

Barrister

Customer: replied 3 years ago.

I needed to know if this is legal to do this in the state of Nebraska. My family said the the laws states you can only give a gift to a person onces a year for only $13,000.

Expert:  Barrister replied 3 years ago.
As I mentioned earlier, as long as aunt is ok with it, then yes, it is perfectly legal for you do do so.
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With regard to making gifts like this, the annual exemption is actually $14K per person. So she could give $14K each to as many people as she wanted and not incur any gift taxes. If she gave someone over $14K, there would technically be gift taxes due on the amount over $14K. But she could avoid that by filing an IRS Form 709 and using up a little bit of her $5.25 million lifetime gift tax exemption.
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But realistically, it is pretty unlikely that the IRS would ever become aware of it even if she made gifts over the $14K annual exclusion... They are under a lot of heat right now and don't have the manpower to try and monitor this type of transaction because there isn't a papertrail anywhere..
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Thanks
Barrister

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