There's some confusion about who pays income tax when parent assets (money market fund, etc.) are transferred into a checking account to be used for nursing home expenses. Mom has over $100,000 that has been withdrawn (directed by a Medicaid attorney) and transferred. The tax on it will be $40,000. Will I , as her POA, have to pay this tax?
But I know, things will be OK - at my age the parts are getting rusty, not the well-oiled machine of yesteryear - ha!