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[aging, legal] Power of attorney Cashing out an elderly parent's IRA

Cashing out an elderly parent’s IRA — in just 9 visits to the bank By Molly Selvin A son runs into red tape as he seeks to tap funds for his 92-year old father’s care.

Over three months last winter, David made nine trips to the bank. Sometimes I accompanied him. He spoke with several “customer solutions representatives.” He produced his dad’s durable power of attorney and living trust for inspection multiple times. Those documents were repeatedly faxed to the bank’s central legal department for further examination. Hard copies were then sent by corporate courier to the bank’s IRA department — and disappeared. Bank of America’s employees were unfailingly polite and eager to help. But depending on the day and the person, David was told that Jack’s legal papers were in order. Or that they weren’t. He was told that, notwithstanding Jack’s wishes, bank policy bars adult children from managing their parent’s individual retirement accounts. Or that it doesn’t. … * If necessary, complain. The Comptroller of the Currency, part of the U.S. Treasury Department, charters and regulates all national banks. Information about filing a complaint is on its website, www.occ.treas.gov/customer.htm. You can also try the Federal Trade Commission, www.ftc.gov, and Consumer Action, www.consumer-action.org. »>