Those are excellent points, thank you.HomeStretch wrote: ↑Sun Sep 04, 2022 8:15 amUnfortunately, it was not an inquiry-access issue. I ran into these issues after my parents’ attorney-drafted DPOAs were accepted by Fidelity. Others have posted in the Fidelity one-stop-shop thread about the limitations too (which are not just limited to Fidelity). It’s simply that trying to manage someone’s finances completely under a DPOA is more cumbersome or restrictive than managing one’s own. I understand that’s by design but when one is also helping parents with living in their own home, healthcare matters, etc., the limitations/online capability limits just add to the time burden.LadyGeek wrote: ↑Sun Sep 04, 2022 7:59 amHave you checked the access level? See: How to Authorize Others to Access Your AccountsHomeStretch wrote: ↑Sat Sep 03, 2022 2:09 amYes (Fidelity).
I recently transferred my parents’ accounts (Taxable, Traditional & Roth IRAs) to and set up CMAs at Fidelity using attorney-prepared DPOAs. After acceptance of the submitted DPOAs, we received secured messages in their online account and in my online account that the POA set up was completed. In their online accounts, they can view who has DPOA access. In my online account, their accounts show up on the side bar under the heading “authorized accounts.” There is also a notation at the end of their monthly statement listing my name (I don’t recall the wording).
My only issues with the DPOA process/access:
(1) Fidelity reps/local office gave inaccurate information about the agent’s (me) ability to do transactions online in a CMA such as Bill Pay. We ended up changing the CMA account registration to “joint owners”.
(2) in the online account, the agent (me) cannot make online transfers between accounts, view account statements, link external bank accounts, etc. There is also a limit for the first 90(?) days as to how much Fidelity will allow me as agent to transfer out of the accounts.
Your issues sound like your access is restricted to Inquiry Access. I recently received Inquiry Access for a family member's account and have the same visibility / control as you describe. It's appropriate for what's intended. In your case, see if you've been given the wrong access level.
The biggest issue was the Fidelity reps not having a good understanding of how the CMAs function for the attorney-in-fact (AIF). The information repeatedly given to me was erroneous. I as AIF could not even access Bill Pay which was the primary reason for the CMAs. One rep finally said that the CMA is not a Fidelity product so to just keep “trying it out” to see if it worked. I finally gave up and the CMAs were changed to add me as a joint owner. Granted my issues were more time-sensitive as I was separating my parents’ finances for Medicaid purposes. So the 4-6 weeks I lost while trying to make the CMAs works as AIF was a bit stressful. It’s all good now. But I think it’s important for anyone managing finances under a POA or agent access to understand the delays and limitations especially if the grantor is truly incapacitated and can no longer help with eliminating roadblocks.
I need full control of my Mom's account to add bank accounts for ACH transfers. I need to (1) Take distributions from her Traditional IRA and deposit them in her bank account and (2) Transfer money from her bank to a taxable account.
I am also in agreement that, regardless of great customer experiences with Fidelity, the information can indeed be incorrect. During the POA application process, my rep stated that the form did not need to be notarized because I was in PA, not CA.
Looking at the actual DPOA form (Durable POA - what I filled out), a notarized signature was indeed required. CA has a different method, hence the extra directions for CA residents. A quickly returned phone call clarified that I was correct.
The forms I completed were pre-filled by Fidelity. It's a great convenience and I really like the ability to save the PDF changes.
However, reading and understanding what those forms mean are two different things. My Mom's name and address were correct, but the account applications had the Mailing address "Same as residential" box checked. 99% of the time, it's a no-brainer and the box was automatically checked.
My Mom is in memory care, which is a qualified medical expense. Her physical address is at the memory care facility, but she can't receive any mail (nor is she competent to understand the content). I'll be executing a tax strategy to draw down her IRA (taxable income) and then claim her care facility fees as a medical expense. Essentially, I need to show that she's physically at this center, but must have all mail correspondence come to me.
So, I unchecked the box and entered my home address for her mailing address (versus entering my home address as my Mom's). Otherwise, the IRS will think my home is her memory care facility. Not good. I also discussed this with the rep and explained what I did. He agreed that this was the right approach.