Can a person with Power of Attorney put his Mom's assets in a Family Limited Partnership?
March 8, 2000
Date: Sat, 19 Feb 2000
From: Jerrold Cohen
Can a POA put his Mom's stocks and bank deposits in an FLP? What are the risks and costs?
Rephrasing your question, can a person with a Power of Attorney put his Mom's stocks and bank deposits in a family limited partnership? What are the risks and costs?
This is actually a legal question.
Depending on Mom's mental capacity or lack thereof, the arrangement could be subject to attack by potential beneficiaries as a breach of fiduciary duty for undue influence.
I recommend that you seek legal counsel.
The costs will vary around the country. You usually get what you pay for. Get the best attorney you can.
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