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as others have stated. - if you CO mingle her money with your account or if you use her money for your expenses then you will have a tax liability- as if that money is yours = another “income”.
As for credit card, the same thing is true but slightly different. If you are an authorized user then the account still belongs to the account holder BUT you will be issued your own credit card. People often do this for their children.
So the answer to your question is “Yes” but it is not clear what you are trying to do or what motivates your question.
Are you wanting access to pay bills for the principal or to use for your own purposes? If the former then just acquire POA on the accounts. If the latter, I would not advise commingling funds and transactions.
And, call the credit card companies, although do not rely on them for legal authorization.
Gena / Touch Matters
I did.
However, for anyone to be an authorized user on your parent’s credit card your parent MUST approve this with the credit card company and the parent must be of sound mind to do this.
Are you sure you should be handling the principles financial matters?
Talk with her bank. They’ll advise what can and can’t be done.
The important thing is to be clear that no commingling of funds is occurring. It needs to be reasonably easy to see that the parent’s funds are being used to pay for the parent’s needs. All receipts should be retained and reconciled with the monthly statements.
The POA as authorized credit card user keeps them from personal responsibility for paying the parent’s bill, which is fair, since only the parent’s expenses should be included on the bill.
If you suspect a POA is unaware of their fiduciary responsibility or is unable to do it, then you should see an elder law attorney with your evidence and should file a request that the court examine the records of the POA.
My husband was Conservator for his father (he had a mental illness). He had to account for absolutely everything and report it all to the courts.
I am POA for my parents, the rules are much more relaxed. I am on their checking account and have a credit card in my name on their account (and have since before I was POA) and my attorney says it's fine.
If the POA is active.
If the POA is not active because no one is incapacitated, anyone with good credit can make someone else an authorized user on their credit card by calling the credit card company and doing that.
They will then issue a card with the other person's name on it.
I am joint on my mom's checking account but I don't spend any of her money on myself. Now that the DPOA is activated due to incompetency, I sign her checks as her DPOA.
Did mom give POA a credit card before she became incompetent? If so, I guess it's OK. I doubt that it's illegal but the POA should be keeping good records as they may be called upon the carpet to prove that they paid for their expenses and not your mom. So it can be pretty messy and kind of a nightmare to keep track of. I would not recommend it and would try to change this situation.
Good luck.
Mom doesn't have to give the POA a credit card. If the POA is active because she's incompetent or incapacitated, the POA can put themselves as an authorized user on the credit card accounts.