Legal Question in Wills and Trusts in Florida

My 2 brothers and I are POA's for my father. One brother is handling my fathers' bank and investment accounts. My brother recently moved $100,000 to an account in his and spouses name from my fathers account. He moved it back! He has been ask in writing to send my brother and I copies of the accounts and names of the accountant, attorney, and investment advisor. We have received nothing. First, by movimg the money and not providing the information requested, is he in violation of his fiduciary duties. Second was the movement of money in anyway needed to be reported or is it taxable? He said it is not as long as it was moved back to my fathers account in the same year?

Thank You


Asked on 10/12/11, 8:08 am

1 Answer from Attorneys
Lucreita Becude Lucreita D. Becude, P.A.

Yes he is in violation of his fiduciary duties because he arbitrarily did something without the consent of all. As to taxes, you need to chec with an accountant. He needs to provide the investment account information - if he can not then you need to file to remove him as POA for failure to protect the assets of your father.

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Answered on 10/12/11, 9:12 am


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