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I'm the POA for my mother, who's in an assisted living

I'm the POA for my...
I'm the POA for my mother, who's in an assisted living facility with dementia. I'd like to purchase a condo as an investment property using her funds, since her expenses are now higher than her income, and this would bridge the gap. Should I put the property in her name with me as POA, or transfer it to our joint checking account and then write a check putting it in both our names or even in my name? I want the condo purchase to be a smooth process, so if the POA thing will cause an issue I can take another approach.
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Answered in 1 minute by:
9/24/2017
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 36,338
Experience: 30 years experience in the practice of estate law.
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Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs., and I am here to help.

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If you are acting on the authority of the POA, you must purchase it in your mother's name. Otherwise, you may be misappropriating funds in breach of your fiduciary duties if you use her money to invest on your behalf.

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Customer reply replied 5 months ago
OK, I thought you'd say that. But here's the issue. The money is now in a brokerage account with only me as the beneficiary. If I purchase a condo with it, I believe it becomes part of the general estate and is governed by the will, which would mean it belongs half to my sister and half to me. I think I could create an irrevocable trust with me as the beneficiary and list the property within that trust, but my mother's too out of it to sign that at this point. What do you see as the best option under the circumstances?

Unfortunately, anything done under POA has to done for your mother's benefit. If you derive a benefit it could cause a problem and expose you to criminal and civil liability.

So, you may not have an option on this one, if you want to avoid losing the brokerage account.

I am sorry. I wish I could tell you otherwise, but I do not want you doing something which will end in you incurring liability. Especially if you have other family members looking over your shoulder.

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Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 36,338
Experience: 30 years experience in the practice of estate law.
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Loren
Loren
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Experience: 30 years experience in the practice of estate law.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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