I am power of attorney for my elderly mother. When I drew up the powers, I thought it made sense to exclude being able to make gifts to myself. Since then, I have realized that all of my mother's assets will eventually go to pay her room and board in a nursing home. I would like to 'gift out' some of the assets to prevent this. Is there a way to name myself as one of the gift beneficiaries without amending the power of attorney?
Answered on: 7/29/13, 5:04 pm by Anthony Smith
If the POA appointment specifically forbids gifts to you, you cannot lawfully gift any of her assets to yourself. If The appointment merely doesn't enumerate the power to transfer assets to you, you might e able to transfer some assets. I suggest you have an elder law attorney look at your documents.
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