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My attorney instructed me to condense all of my mother's CD accounts into one account. This sounds absolutely absurd as my mother would lose all of her investment and interest earned.
I agree with Alva. THere are multiple reasons to NOT do this. Yes it is good to maximize interest rates. But some risk if > 250,000 in one bank. I think for advising on this, it should be a financial planner, not an attorney ?
Consolidating to one CD makes things easier to track. But may not be the best.
One other thing to consider - some Money market/ online savings accounts can have interest rates close to CDs, and the money is not tied up for a specific length of time , again, a financial planner / accountant would best advise
I wouldn't do that until the CDs come due. I also think it bad advice to put money into a single bank when the funds are only covered by FDIC for 250,000. I am also thinking these CDs may have been placed so that they were POD to different beneficiaries.
I see no need to do this. The thing you must do is to keep meticulous records of each account. As far as I know your duty is the same as a POA which would be to get as decent SAFE rates as you can on her funds. If this attorney is your advisor for your guardianship I would ask him a HUGE "WHYYYYY????" And if I didn't get a dang good answer I would switch attorneys quick. Now, he's an attorney; he may know something I myself don't know--that's for certain. So do ask him why.
It is most likely due to your guardianship. I am assuming your are not on the accounts as joint or able to currently act on the account.
Are you are going to apply for Medicaid Long-term care in near future? This may be more beneficial to condense accounts if under the FDIC limits. You will need to pay taxes on interest for each account and that is considered income.
However In a guardianship Situation it may be different due to legalities of the state. It is best to speak directly with the the attorney. Have a list of questions in writing to keep focused and don't feel te crunched. Refuse to be dismissed due to their time constraints. Goodluck!
No, I do not share joint-ownership; but I HAVE managed my mother's accounts for the past 4 years with mom's consent.
And no, mom is no way near being under FDIC limits. And again, my mother earns a significant profit with the interest earned on her CDs. I just can't comprehend how the court can prevent someone from keeping their investments???
I was the one who petitioned the court for guardianship; not so that my mother would lose her income, but to make sure her accounts remain intact. I just don't get it?
Thank you, Alva. I agree with every one of your points.
Unfortunately, the communication between myself and the particular attorney I am working with is extremely poor, imo. I receive, what I would consider, "vaugue" emails that leave me dumbfounded as they are not in the best interest of my mother.
I'm thinking...if my mother had a billion dollars, she's supposed to place the billion dollars in ONE guardianship account??? It makes no sense.
I'm proceeding with common sense as I visit my mother's bank this week. Attorney is out of town for the holidays, so I will wait to speak with her after the first of the year.
I feel so overwhelmed because prior to me becoming guardian, I've managed my mother's (96yrs old) for the past 4 years or so without incident.
Now, what use to be a simple task of renewing CDs at maturity (which is what my mother has always done), my attorney is looking to upsurp the whole process. I just can't make sense of it.
It may have to do specifically with being a guardian as opposed to being a PoA...? So that financial management and transactions are more transparent and there's accountability?
Response to Alva: Well, the Order comes from the court. I wish I could take a picture and post it here so that we could all read (and learn) what to do and what NOT to do in looking out for our aging parents where the state/courts are concerned.
The tragic irony of this is I am the one who petitioned the courts of my own validity for guardianship, thinking that I was doing a smart thing. I am regretting my decision. I simply could have been made joint-owner of my mother's accounts and would have avoided this whole mess. My mother would have been okay with that.
I am over-simplifying things a bit, however, as I DID/DO have reason in wanting to secure my mother's assets. Only, I think I went about it the wrong way in obtaining guardianship? Had anyone told me beforehand that all my mother's CDs would have to be closed, I wouldn't have sought guardianship.
I emailed my attorney and told her that the Order has to be changed; that I am not closing her CDs as this would be detrimental to her financial investments.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Consolidating to one CD makes things easier to track. But may not be the best.
One other thing to consider - some Money market/ online savings accounts can have interest rates close to CDs, and the money is not tied up for a specific length of time , again, a financial planner / accountant would best advise
I see no need to do this. The thing you must do is to keep meticulous records of each account. As far as I know your duty is the same as a POA which would be to get as decent SAFE rates as you can on her funds. If this attorney is your advisor for your guardianship I would ask him a HUGE "WHYYYYY????" And if I didn't get a dang good answer I would switch attorneys quick. Now, he's an attorney; he may know something I myself don't know--that's for certain. So do ask him why.
Are you are going to apply for Medicaid Long-term care in near future? This may be more beneficial to condense accounts if under the FDIC limits. You will need to pay taxes on interest for each account and that is considered income.
However In a guardianship Situation it may be different due to legalities of the state. It is best to speak directly with the the attorney. Have a list of questions in writing to keep focused and don't feel te crunched. Refuse to be dismissed due to their time constraints. Goodluck!
And no, mom is no way near being under FDIC limits. And again, my mother earns a significant profit with the interest earned on her CDs. I just can't comprehend how the court can prevent someone from keeping their investments???
I was the one who petitioned the court for guardianship; not so that my mother would lose her income, but to make sure her accounts remain intact. I just don't get it?
Unfortunately, the communication between myself and the particular attorney I am working with is extremely poor, imo. I receive, what I would consider, "vaugue" emails that leave me dumbfounded as they are not in the best interest of my mother.
I'm thinking...if my mother had a billion dollars, she's supposed to place the billion dollars in ONE guardianship account??? It makes no sense.
I'm proceeding with common sense as I visit my mother's bank this week. Attorney is out of town for the holidays, so I will wait to speak with her after the first of the year.
I feel so overwhelmed because prior to me becoming guardian, I've managed my mother's (96yrs old) for the past 4 years or so without incident.
Now, what use to be a simple task of renewing CDs at maturity (which is what my mother has always done), my attorney is looking to upsurp the whole process. I just can't make sense of it.
I agree the attorney needs to tell you why.
The tragic irony of this is I am the one who petitioned the courts of my own validity for guardianship, thinking that I was doing a smart thing. I am regretting my decision. I simply could have been made joint-owner of my mother's accounts and would have avoided this whole mess. My mother would have been okay with that.
I am over-simplifying things a bit, however, as I DID/DO have reason in wanting to secure my mother's assets. Only, I think I went about it the wrong way in obtaining guardianship? Had anyone told me beforehand that all my mother's CDs would have to be closed, I wouldn't have sought guardianship.
I emailed my attorney and told her that the Order has to be changed; that I am not closing her CDs as this would be detrimental to her financial investments.