Legal Question in Wills and Trusts in Ohio
If my mom is in the hospital close to death and I have POA, does it make sense to transfer some of her assets to my account to pay for her funeral expenses? Will this money be taxed to me if I do this?
Asked on 1/22/18, 6:22 am
1 Answer from Attorneys
Christine Socrates
Meyers, Roman, Friedberg & Lewis
Yes, you can do so if you have a valid POA and will need the funds to pay for the funeral expenses. On your mother's death, the POA becomes invalid and the bank account will also be frozen until released to the beneficiary or by court order if not joint owner or beneficiary. The money will not be taxed to you. If you have any other questions, please contact me office, www.socrateslegal.com. If offer free initial phone consultations.
Answered on 1/22/18, 1:05 pm
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