So my mom is in the hospital and about to be transferred to a nursing home. She is bedridden and having trouble with writing (her hand shakes). I called her investment company because she is required to take an RMD for 2024 and will possibly already face a 25% penalty for being late. The company wants her to SIGN and get notarized a form for releasing her RMD. I have a POA, but that's no good, according to the company we have to have another form filed with me as the full access agent (signed and notarized). UGH. Any suggestions?
Have you retained an eldercare attorney. Highly recommended since there are assets and income that will most likely need to reviewed.
there should be a notary at the hospital.
My Aunt's investment company needed her and me to fill out and sign affidavits. I kept telling them she's in FL and I'm in MN and she's 105 yrs old and running out of money so I need to access the measly amount in her account to pay her living expenses and caregiving. They initially were requiring a "Medallion" stamp and it turns out that the only banking insitution in my state that offered this stopped doing so 3 years ago. So then I put the burden back on them to solve this undeniably intractable problem and they relented, only requiring my PoA paperwork.
And TRUST stuff is for Trustees, Representative Payee needed for SS, and each bank will be a stickler for details and their own way of wanting things done.
WORST OF ALL in my humble opinion was the multiple hoops required from any investment firms. My heart goes out to all dealing with this, and after managing all this for my brother I quickly resigned my Trustee of Trust involving my partner and had him reassign to someone else. I never want to go through that again. I do have his POA while he is living, and will negotiate that to my best should he ever require my care as his Domestic Partner under the laws of the State of California, but that's it.
I found it very difficult. Find out what they need exactly and how you can possibly get it to them but while Mom is able be certain her POA is reviewed and is WELL WRITTEN, includes rights to sales of homes and etc. And get them exactly what they need if you are able or you are well and thoroughly SUNK.
I wish you the best. As I said, they are all different and they have all devised the most painful hoops they can.
In their defense I do understand they are doing all in their power to protect their clients. Having yesterday listened to a Podcast in which one woman, girl child of three girl children, attempted to wire transfer 1/2 million of her mom's funds pretending to BE the mom, and then killed the mom and another sister when that didn't work--guess they are right to worry?
But lordy, they will tire you out. I sure wish you the best.