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Author: v10mark Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76396  
Subject: Re: Starting IRA for a parent? Date: 9/24/2000 7:47 PM
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My experience indicates that you will need a Power of Attorney (POA) for this. If your mom is trusting in you, as it appears, she can grant you a full POA. These are pretty simple to prepare. There are also limited POAs that allow the person named to only execute certain tasks-an example would be a service member overseas who wishes that their parents sell their vehicle. The POA is generated such that it only grants power over the title of the vehicle.

If your mother is a dependant of yours, I imagine this would not be necessary. You may be able to open a custodial account.

One other avenue is to have her sign all the paperwork, then grant you the password to the account on your discount broker of choice. Then, you're just depositing her money and moving it about, though she's the nominative holder of the account.

I suggest you contact the discount broker-they answer such questions frequently, and probably have something about it in their FAQ. I would email them the contents of your post.

Hope this helps,

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