What is the name of your state? OK
BlondiePB, you mentioned being a Representative Payee for Social Security to another poster. Please tell me if I need to do this as well.
My mother has dementia and is in a nursing home.
Long before she became disabled I was named the successor trustee of her trust, and I have a durable POA and health care POA. She resigned as trustee of her accounts several years ago. She retains signature authority on her accounts even though she does little more than write small gift checks to grandchildren. Her SS check has always been deposited in her checking account which is in the name of her living trust with me as both an authorized signer and trustee. I also have long standing signature authority on the other investment accounts associated with her living trust. Her monthly expenses exceed her SS income so I do not need to worry about investing any excess SS income. All of her bills are paid from her trust's checking and/or money market accounts. I will not be opening any new bank accounts in either her name or the name of her trust.
Do I need to become a Representative Payee for her?
I was an authorized user on the credit card used for her pharmacy and miscellaneous expenses. She lost the card she had in her possession so I am using her POA to close that account. I discovered that since I am an authorized user on her accounts, her accounts appear on my credit report. It then appears that I have more credit cards than I actually do use for myself. I do not want to close mine as my credit limit is far greater than my mother's and my accounts have all been open for a long time with a good record. I do want to remove my mother's accounts from my credit report.
If I do not use a credit card for her expenses, should I pay all of her expenses with checks from her checking account or can I keep her cash separate from mine and pay small bills from that?
Thanks.
BlondiePB, you mentioned being a Representative Payee for Social Security to another poster. Please tell me if I need to do this as well.
My mother has dementia and is in a nursing home.
Long before she became disabled I was named the successor trustee of her trust, and I have a durable POA and health care POA. She resigned as trustee of her accounts several years ago. She retains signature authority on her accounts even though she does little more than write small gift checks to grandchildren. Her SS check has always been deposited in her checking account which is in the name of her living trust with me as both an authorized signer and trustee. I also have long standing signature authority on the other investment accounts associated with her living trust. Her monthly expenses exceed her SS income so I do not need to worry about investing any excess SS income. All of her bills are paid from her trust's checking and/or money market accounts. I will not be opening any new bank accounts in either her name or the name of her trust.
Do I need to become a Representative Payee for her?
I was an authorized user on the credit card used for her pharmacy and miscellaneous expenses. She lost the card she had in her possession so I am using her POA to close that account. I discovered that since I am an authorized user on her accounts, her accounts appear on my credit report. It then appears that I have more credit cards than I actually do use for myself. I do not want to close mine as my credit limit is far greater than my mother's and my accounts have all been open for a long time with a good record. I do want to remove my mother's accounts from my credit report.
If I do not use a credit card for her expenses, should I pay all of her expenses with checks from her checking account or can I keep her cash separate from mine and pay small bills from that?
Thanks.
