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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10125
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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If I am receiving ssi, and they reduced it because of over

Customer Question

If I am receiving ssi, and they reduced it because of over resources..the paper work listed accounts that I am power of attorney on those accounts.can I appeal
Submitted: 1 year ago.
Category: Social Security
Customer: replied 1 year ago.
The amount is reduced to nothing
Expert:  Lane replied 1 year ago.

Hi,

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I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and BBA from Mercer University's Stetson School of Business and Economics, as well as CFP and CRPS designations.

I can help here

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Yes, you should appeal.

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Be very careful, however, that the POA is ONLY that. ... meaning ... If you have your name on the account as a joint tenant or beneficiary or payable to you on death that will effect your SSI.

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But again, if you have a general power of attorney that does not SPECIFICALLY name you having power on a specific account, this does NOT become your resource.

As a matter of fact, you have a fiduciary duty to act in the best interest of the person for which you have Power of Attorney and to use those assets for yourself would be a breach of your fiduciary duty.

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Customer: replied 1 year ago.
The account belongs to my adult son's who does not live my household. If I am just a poa, how did they rectify the account as my resource for the past 22 months? How did this become a part of my resources now? I didn't think that this was a part of a resource since this is not my name or my money
Expert:  Lane replied 1 year ago.

I completely agree. As I mentioned above if the POA is the typical POA document (as opposed to your actually putting your name on an account) then the assets are NOT yours.

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Now, if some idiot bank person actually out you ON the account, rather than keeping a copy of the POA on file to allow you to sign and act as the attorney in fact (the person having the POA) then THAT would be one of the possibilities.

Expert:  Lane replied 1 year ago.

The bot***** *****ne here is that you can, and should, appeal if you only have POA

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If someone put you ON an account ... or if you opened an account for him and the bank listed you as the owner, ... you need to (1) rectify that, (2) document in every way that you have not benefited in any way from having control of the funds AND (3) make a statement that you certify your understanding of your role as a fiduciary for him, i.e., have never used the funds for personal gain, is the direction you want to take here.

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Let me know if you have questions

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Lane

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(Let me know if you have more questions here, and if you don't I'd appreciate that rating (using the stars on your screen) or I will not be credited for the work here)

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