In my continuing saga with my in-laws, I have another issue.
My FIL has a series of small load mutual fund accounts and annuities. We're in the process of cashing these out to pay for his and MIL's care. This is all well and good for now but I hope to have their house sold soon which is in the $500K area -- their principal asset. I tried to open a brokerage account with my discount broker (Etrade). They told me they won't open a new account for them with my wife as POA.
Is this "normal?"
My alternatives right now are to go with CDs at their bank or use a full service high cost brokerage account he has open now. That broker want $500 to sell about $50,000 in a single stock. At Etrade it would be $10.
I have talked with an elder law lawyer. He reviewed the POA's and said they were fine. Because I wasn't trying to do the Medicaid shuffle, he didn't recommend a trust. He also didn't charge me anything. This inability to open an account is new since then. I suspect that if we did a trust the trust would be able to open an account. The brokerage commissions may more than pay for setting up the trust.
Once again, I hope to tap the legal minds on this forum.
My FIL has a series of small load mutual fund accounts and annuities. We're in the process of cashing these out to pay for his and MIL's care. This is all well and good for now but I hope to have their house sold soon which is in the $500K area -- their principal asset. I tried to open a brokerage account with my discount broker (Etrade). They told me they won't open a new account for them with my wife as POA.
Is this "normal?"
My alternatives right now are to go with CDs at their bank or use a full service high cost brokerage account he has open now. That broker want $500 to sell about $50,000 in a single stock. At Etrade it would be $10.
I have talked with an elder law lawyer. He reviewed the POA's and said they were fine. Because I wasn't trying to do the Medicaid shuffle, he didn't recommend a trust. He also didn't charge me anything. This inability to open an account is new since then. I suspect that if we did a trust the trust would be able to open an account. The brokerage commissions may more than pay for setting up the trust.
Once again, I hope to tap the legal minds on this forum.