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Asker
Posted about 3 years ago.

Thank you. Lawyer was saying get guard. because he can still give gifts to wrong people. If POA is in place and med. records say he has Alz. can he"give away" his stuff? isnt that where POA would step in? Thank you. Are you near Toledo?

Justin Jay Watling
Justin Jay Watling, Estate Planning Attorney - Cleveland, OH
Posted about 3 years ago.

Agent should take steps to protect assets from Dad's imprudence, especially in an Alzheimer's situation.
I am in Cleveland area.

Justin J Watling

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Asker
Posted about 3 years ago.

Mr. Watling,
Thank you. you have been most helpful. 1 more question if I might: Most of money is in bonds. I read if G. was appointed: no "gifts". Can POA "gift"? Uncle saying he is being watched by "People" and something about elder abuse laws. and he can not gift to grandchildren. Bonds are in fathers name with POD to grandkids (girls) both have just had babies I would like to have uncle "gift" mature bonds for Xmas. Uncle says POD means POD, I take it as POD until bonds are mature, they are. Father just has refused to cash in because of taxes. Thoughts?? and thank you again.

Justin Jay Watling
Justin Jay Watling, Estate Planning Attorney - Cleveland, OH
Posted about 3 years ago.

POA can gift only if the Power of Attorney document allows it. So, the document must be reviewed.
POD means pay on death and your Uncle is correct. The bnds go to the designated beneficiary only upon Dad's passing. The maturity date does not affect that at all. The tax issue is a bit complex. If Dad is in a skilled care facility or otherwise has substantial medical expenses, it may be wise to cash in (redeem) some of the bonds since the medical expense may offset the income resulting in an essentially tax-free redemption. Calculations need to be done to make a final determination on this issue.
Also, there is maturity and final maturity. Maturity means the bods have reached face value. Final maturity means the bonds have stopped earning interest.

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Asker
Posted about 3 years ago.

Do maturity differences make a difference? most bonds currently at final maturity. Maybe not you forte, but arent bond returns at a all time low? Is there any other tool(s) just as safe?
Any return at this point is better than Final, i know, curious to get your thoughts. Thanks, LB

Justin Jay Watling
Justin Jay Watling, Estate Planning Attorney - Cleveland, OH
Posted about 3 years ago.

You can you a program called Savings Bond Wizard to obtain a printout if the full attributes of a bond including current rate of return. Search that name and you should find a link to the Bureau of the Public Debt. That is the governmental unit that handles savings bonds.

Giving financial advice without k owing ALL the financial information is inappropriate. Additionally, that issue is not within my area of expertise.