archbish99 wrote:An interesting point. In that case, how can a PoA ever be valid for filing taxes?
sscritic wrote:archbish99 wrote:An interesting point. In that case, how can a PoA ever be valid for filing taxes?
I don't believe the states can compel the federal government to recognize them, but that doesn't mean that some agencies cannot choose to recognize them. The IRS section of the Treasury Department may choose to recognize them, while the TreasuryDirect section of the Treasury Department chooses not to.
archbish99 wrote:Edit: Ah, I see. If the original PoA grants authority to deal with tax matters, the IRS will accept a Form 2848 signed by the agent designating themselves as agent.
http://www.chicagotitleconnection.com/I ... cation.pdfThe undersigned,
settlor(s) certify(ies) to you that:
1. The above Trust instrument has not been revoked and is in full force and effect.
2. The name(s) of the Trustee(s) now qualified to act under the Trust instrument and who are the only Trustee(s) qualified to act is/are:
IN THE EVENT THAT THIS CERTIFICATION IS BEING USED IN A TRANSACTION IN AN AMOUNT OF $500,000 OR LESS, THE ATTACHMENTS CALLED FOR IN ITEMS 3 AND 5 ABOVE ARE NOT REQUIRED. IF THE TRANSACTION EXCEEDS $500,000, THEN THIS CERTIFICATION MUST BE NOTARIZED.
archbish99 wrote:That actually makes sense -- I've had to provide a certification (allowed under UPOAA) at least once. I attested, under penalty of perjury and witnessed by a notary, that I was the same person named in the POA, that to the best of my knowledge the principal was not deceased and the POA had not been terminated, and that I would immediately cease operating under the POA if any of that changed. They were asking you to make the same promises about your trust, so if the grantor sued them for complying they had an appropriate paper trail to say "No, sue him instead!"
wjo wrote:In my experience, most financial institutions will refuse a POA unless compelled to do so. They strongly prefer their own forms designating a POA. They seem to have judged that the risk of accepting a POA incorrectly is greater than the cost of not accepting them. When my mom was sick and rapidly losing capacity, this became a real problem. Last year, my wife and I were buying a house and were out of town during the closing. We had left a POA on file with the bank and one week before closing the bank decided it was no longer going to accept the POA. We had to go to a US consulate to notarize the documents. Basically, the cost of compelling the bank to accept the POA is so high that banks have judged that most people won't bother.
whomever wrote:It might be worth writing a short summary and sending it to your senator or representative. They won't even see the letter, but they have staffers who will write a 'can you check on this' letter to the involved agency. I know a few people who have done so with good results.
Nonnie: did you try your Congressman's office?
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