Catch 22 with Gold Medallion Requirement for Exercising POA for Father

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Bobby206
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Re: Catch 22 with Gold Medallion Requirement for Exercising POA for Father

Post by Bobby206 » Tue Feb 25, 2020 7:51 pm

Seems like a conservatorship would be cheaper than flying to Phoenix.

ballons
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Re: Catch 22 with Gold Medallion Requirement for Exercising POA for Father

Post by ballons » Tue Feb 25, 2020 8:16 pm

JaneyLH wrote:
Tue Feb 25, 2020 7:48 pm
ballons wrote:
Tue Feb 25, 2020 6:26 pm
JaneyLH wrote:
Tue Feb 25, 2020 6:04 pm
HomeStretch wrote:
Tue Feb 25, 2020 3:35 pm
ballons wrote:
Tue Feb 25, 2020 3:23 pm
Isn't that the point of filing the POA with the court? I would have thought the lawyer would do that for you after creating it.
In my state there is no requirement to file a durable power-of-attorney with any court. It is effective as soon as it is properly executed.
Same thing in FIL's state -- no requirement to file DPOA with any court. In fact, there is concern that filing these documents would make them public and perhaps make the person a target for unscrupulous persons.
A target for what? If they have vast wealth, estate planning and trusts should already protect whatever assets you are worrying about. If the person is in a retirement home/skilled nursing facility, they should have a copy of the POA already whether it is in effect yet or not. I would say not filing makes them more more of a target for "unscrupulous persons."
In my research I found information about Pennsylvania legislation proposed to address the problem POAs. This is from a state committee report on Elder Abuse:

"The Committee discussed a POA registry as a possibility for deterring and preventing abuse through a POA. It was suggested that POAs could be registered either statewide or in county offices, thereby providing a mechanism to ensure they are legitimate. However, the Committee members expressed several concerns over a registry. First, if POAs were filed as part of a county or statewide registry, it could expose elders to “scammers,” as their assets and otherwise private affairs would become a matter of public record."

Whether that makes sense or not, there is no current process of POA registration in Pennsylvania.
A POA doesn't list your assets. This sounds like FUD.

https://www.alleghenycounty.us/court-re ... -fees.aspx
Power of Attorney $160.25

There is court fees to file in PA unless I'm mistaken.

gretah
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Re: Catch 22 with Gold Medallion Requirement for Exercising POA for Father

Post by gretah » Tue Feb 25, 2020 9:52 pm

OP - sorry I can't help you with your present situation.

But I want to tell people to be certain to meet with the bank officer who provides the signature medallion guaranty seals at their bank(s).

I meet with the officers twice a year just to stay in touch. That way I know there will no problems when I need a SMG seal.

I have plans to move many states away soon so I have been cultivating these SMG relationships in preparation for the move.

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JaneyLH
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Re: Catch 22 with Gold Medallion Requirement for Exercising POA for Father

Post by JaneyLH » Tue Feb 25, 2020 11:42 pm

Bobby206 wrote:
Tue Feb 25, 2020 7:51 pm
Seems like a conservatorship would be cheaper than flying to Phoenix.
The online service is providing us the needed Gold Medallion Stamp is $279. Would be $149 if account was less than $100K. Cheaper and easier than flying to roundtrip to Phoenix. Less time, too.

Here's what I found on an elderlaw site about the cost of conservatorship: "The out-of-pocket costs to begin a conservatorship are the filing fee, which ranges from $278 to $1,176 (in 2019) depending on the amount of assets, plus the expenses for having the respondent personally served, getting certified copies from the court, etc., which are usually around $200." The time involved with this sounds extraordinary, plus the cost of an attorney (I don't know how to do this myself, especially out of state and 2000 miles away).

valleyrock
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Re: Catch 22 with Gold Medallion Requirement for Exercising POA for Father

Post by valleyrock » Wed Feb 26, 2020 12:00 am

I'm wondering if we should build a table or a wiki about all this, including which firms use their own POA forms, best practices for durable POAs, where to get help from state agencies, how to bullet-proof this stuff by, say, getting a medallion prophylactically... A POA that's notarized, with a medallion and an attorney's letter attached quoting chapter and verse why it had better be honored, thanks very much, or you personally and your firm and the horse you rode in on will be liable for damages, etc.

And maybe some sample documents or links to some. Such documents never have associated copyrights, ironically enough, because attorneys copy each other right and left, with no problem.

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JaneyLH
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Re: Catch 22 with Gold Medallion Requirement for Exercising POA for Father

Post by JaneyLH » Sat Feb 29, 2020 4:41 pm

I can report success with signaturemedallion.com as our Gold Medallion-stamped document arrived today. From all I can tell it looks totally legitimate and DWS already told us they accept the Gold Medallion signature guarantee from anyone who provides it. It cost $279 because the value of the account was just over $100,000, over the limit for their $149 price point. Between $200-250,000 they charge $379.

They have a good business model as they appear to be the only online supplier (I only found one other) who would signature guarantee a POA.

Now Vanguard wants a Gold Medallion signature guarantee too, because DWS wanted it. If DWS hadn't required it, Vanguard wouldn't as long as the sending and receiving accounts are in the same name and are both IRA Rollover accounts. So we'll have to put out another $279... :oops:

NotWhoYouThink
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Re: Catch 22 with Gold Medallion Requirement for Exercising POA for Father

Post by NotWhoYouThink » Sat Feb 29, 2020 4:46 pm

Thank you for the update. That could be a very useful piece of information for many of us.

My bank only provides MSG if you (get) take(n) advantage of their Personal Banking service, which would cost me more in fees/lost earnings than the service you found.

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