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My father passed away last year. He kept to himself, I didn't even know he was in that bad of shape 'till the very end. He gave my cousin power of attorney over his finances.
She called me awhile back and told me she found a retirement-profit sharing account of his, and there was about 15K in it. I have two siblings, so it would be split 3 ways. She started the needed paperwork.
The next time she talked to the company that had the account, they said:"We must've been wrong, it appears there was only 11 or 12K in the account. So she kept on working on the paperwork.
The next time she talked to the company, they said:" You know, we were wrong again, it looks like there's only about 5K in the account. So she tells them:" You'll be hearing from my lawyer".
At this point, I'm thinking, hmmm, 5K divided 3 ways, AFTER the lawyer takes his fee, man I might be able to take the kids out to pizza. I turned it over to God.
Next thing I know, I get some paperwork from the company to fill out for 1/3 or 15K. Of course, the IRS got 20%, but I deposited the check Monday. I guess it's the 'ol "one phone call from the lawyer trick".
-------------------- James Donahue Donahue Sign Arts 1851 E. Union Valley Rd. Seymour TN. (865) 577-3365 brushman@nxs.net
Democracy is two wolves and a lamb voting on what's for lunch, Benjamin Franklin Posts: 2057 | From: 1033 W. Union Valley Rd. | Registered: Feb 2003
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James, Glad everything worked out and sorry about your dad . I went through the same thing last year and found out the "Power of Attorney" dies the second that whoever you have it on passes, I also found this out the hard way to. If your ever in this situation again make sure they have a will however simple and someone trusted is the executor of it to handle these situations as they arise and 9 out of 10 times you will still need an attorney to resolve financial matters. It nothing fun and no matter the decissions made they always seem to be sticky in one way or another. Glad everything worked out and you and your family got what the were supposed to. I learnead with my dad and now am dealing with my Moms situation a lot differently, but this to is part of life.
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