QUESTION
I just did a Power of Attorney for my mom. I will be taking over her finances. She is only 63 years old. However I just thought of something.
Asked on Aug 22nd, 2011 on Trusts and Estates - Pennsylvania
More details to this question:
She owns her mobile home in Florida. She does have an lien on her trailer from IRS for back taxes on retirement money that she took out 2 years earlier then she should have. When she passes on will I have to pay this or when that time is will we sell her trailer and then they will get their money. Say also that the interest does not stop accumalating say her trailer is only worth $15,000 and she owes $40,000 in back taxes with the interest will I be responsible for the rest. She does get Social Security Disability as her living. Since she is on disibilty should they be accumalating the interest. I am not sure about any of this.
Thank you for any information.
1 ANSWER
As your mother's agent, you are acting on her behalf. This does not mean that her debt becomes yours. You have a fiduciary responsibility to do what you can to stop the bleed. You should consult with an attorney here and in Florida to know what the exact legal implications are.
Answered on Sep 22nd, 2011 at 12:23 PM