Yardley CPA Posted May 27, 2015 Report Share Posted May 27, 2015 Received email from one of my clients asking for assistance. Her mother lives in a memory care facility. Her brother has POA for the Mom. The Mom has a 401K plan and they would like to use those funds to help offset the cost of the care. The bank holding the 401K will not disburse any funds from the 401 to the POA. I am unfamiliar with this type of situation and was hoping some of you can lend some advice. I assume there would need to be some legal intervention? Any ideas on where go to? Possibly directly to a lawyer? Quote Link to comment Share on other sites More sharing options...
JJStephens Posted May 27, 2015 Report Share Posted May 27, 2015 I suggest start by contacting the 401k administrator and asking them what kind of documentation they need in a situation like that. In my experience, if you talk with them nicely they're usually pretty helpful. 3 Quote Link to comment Share on other sites More sharing options...
Medlin Software, Dennis Posted May 27, 2015 Report Share Posted May 27, 2015 An elder/medicare lawyer asap is the way to go. This may not be the only issue, and it is better to have plans in place before need. The elder care specialist will know what to do and when. 4 Quote Link to comment Share on other sites More sharing options...
Lee B Posted May 27, 2015 Report Share Posted May 27, 2015 Some financial institutions try to insist on using their own forms.Check to see if your state has passed one of the laws that require POA's to accepted. Quote Link to comment Share on other sites More sharing options...
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