What is the name of your state? Kansas
I'll make this a lot shorter this time in hopes for a response.
My sister executed a financial Durable Power of Attorney (DPOA) on July 25, 2006 on behalf of my father. She then had an insurance agent draft two separate annuity documents in which the total principal amounts were $83,000. Payments on both annuities were to begin immediately; $900 a month on one, $600 a month on the other.
My sister made herself sole beneficiary, excluded her two brothers, one of whom is me, and had the payments sent to her address with no mention of a DPOA attached to the annuity applications. The annuities, purchased 9/11/06 and 9/13/06 respectively, were made out in my father's name, her address was put down as the address for my father, so that all the checks went to her, and any tax notices would go to her, and if my father died, payments would continue to her. Both annuities were five-year, immediate annuities.
A check for $33,000 was sent in by the agent after cashing in a deferred annuity on my mother, and a check for $50,000 was sent in by the same agent from an IRA, instead of directly transferring both amounts to the new 5-year SPIA (Single Premium Immediate Annuity).
With regard to a Kansas financial DPOA, it specifies in Sec. G that an "Agent" (in this case, my sister, not the insurance agent) cannot designate himself or herself as beneficiary, on insurance and annuity transactions. Also, there is something about having to have my Dad declared mentally incompetent by a doctor. How would the law address these issues? I threw in the other circumstances about the address of my father to try to illustrate the intent of all this with my sister.
Any help would be appreciated.
I'll make this a lot shorter this time in hopes for a response.
My sister executed a financial Durable Power of Attorney (DPOA) on July 25, 2006 on behalf of my father. She then had an insurance agent draft two separate annuity documents in which the total principal amounts were $83,000. Payments on both annuities were to begin immediately; $900 a month on one, $600 a month on the other.
My sister made herself sole beneficiary, excluded her two brothers, one of whom is me, and had the payments sent to her address with no mention of a DPOA attached to the annuity applications. The annuities, purchased 9/11/06 and 9/13/06 respectively, were made out in my father's name, her address was put down as the address for my father, so that all the checks went to her, and any tax notices would go to her, and if my father died, payments would continue to her. Both annuities were five-year, immediate annuities.
A check for $33,000 was sent in by the agent after cashing in a deferred annuity on my mother, and a check for $50,000 was sent in by the same agent from an IRA, instead of directly transferring both amounts to the new 5-year SPIA (Single Premium Immediate Annuity).
With regard to a Kansas financial DPOA, it specifies in Sec. G that an "Agent" (in this case, my sister, not the insurance agent) cannot designate himself or herself as beneficiary, on insurance and annuity transactions. Also, there is something about having to have my Dad declared mentally incompetent by a doctor. How would the law address these issues? I threw in the other circumstances about the address of my father to try to illustrate the intent of all this with my sister.
Any help would be appreciated.