How can I continue Dad's gifting if he can't?

[DustieN]

My 80 year old father gifts money to both my brothers and myself. He wants me to continue giving the gifts if he should fall ill and be unable to do so. He was going to have a power of attorney drawn up so I could access his accounts, however, I've read that I would then be prevented from gifting myself by law.

I do currently have medical power of attorney.

Is there any legal way dad can give me the right to access his annuity and IRA to continue the gifting each year if he's unable, a way that will not mean I don't get my gift?

He lives in Ohio.

Thanks!

 

[anteater]

An agent acting under a power of attorney has a fiduciary duty to act in the best of interest of the principal. Normally, agent actions that benefit the agent are suspicious and subject to challenge. However, such actions are not necessarily "illegal."

I suggest that your father consult with an attorney to draw up the POA rather than trying to do it himself. Your father can outline exactly what powers the document should grant the agent regarding gifting.

(I would also suggest that the document require the agent to make an accounting, probably annually. That should serve to allay any suspicions among interested parties that the agent is not acting in your father's best interests and/or outside the scope of the agent's powers.)

 

[Zigner]

And, it can't hurt to state on the POA itself that he intends for these gifts to take place.

 

[Alex23]

Maybe your dad could set up an automatic transfer payment to occur annually, that way you wouldn't be required to write the checks for him.