Social Security Can I manage my parents' insurance benefits if I have power of attorney

Social Security Can I manage my parents' insurance benefits if I have power of attorney

hi welcome to my channel and please don't forget to like comment and subscribe today i'll bring a topic about social security can i manage my parents insurance benefits if i have a power of attorney a power of attorney of poa is the legal document that allows a person to appoint an individual to help them manage their financial decision by naming someone as boa it means that you give them complete authority to handle financial matters a poi could be recognized as a person that could deal with the internal revenue service or irs and the state on tax matters of people who may need help to do so power of attorney can be helpful to older people and others who want to choose a trusted person to act when they cannot needs the consumer financial protection bureau or tfpb website creating a poa is a private way to appoint a substitute decision maker and is relatively inexpensive although it may involve help from a lawyer if you don't create a poa in advance a friend or family member might have to go to court to have a guardian appointed and that process can be lengthy expensive and also very public and can i manage my parents insurance benefits if i have of power of attorney the u.s treasury department does not recognize power of attorney for dealing with the federal pay payments such as social security or ssi payments to be able to manage their parents benefits an individual should be named as a representative baby by the social security administration we appoint a peggy to receive the social security or ssi benefits for anyone who can't manage or direct the management or of his or her benefits reach the social security official website so you will know all of the rules a payee must duties are to use pay the benefits to pay for the current and future needs of the beneficiary and properly save any benefits not needed to meet current needs a baby must also keep records of expenses when we request a report a payee must provide an accounting to us of how he or she used to save the benefits this means that a representative payee is responsible by managing the social security checks for essential needs and also depositing leftover funds and keeping records and also reporting changes to the social security administration so it is all about if you have a power of attorney and it's all about your parents too so i think it is important to know that we we if we have the power of attorney i think um it is very very vital things to know because it is related with our parents who raised us and also um i think if we could pay our our parents in insurance i think it is it is very very legal and it is not destruct distraught and by making these things i think it's important to note all of you that we were trying to protect our parents too by making the insurance not only ourselves or our family but also our parents they they will be very happy if they could you know pay the insurance because insurance is needed for all all person especially when our parents were entering the age of 50s or 60 they would be need and insurance because it was when their health rates were low and i think it is important to all of us to know that so thank you for watching and don't forget to like comment and subscribe

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