power of attorney question

Discussion in 'Family Life - Stories, Pictures & Updates' started by key west chick, May 15, 2009.

  1. key west chick

    key west chick Songster

    May 31, 2008
    Gainesville, GA
    I just found out today that DD's bio dad is giving her POA of his fishing lure business. He's divorced, no other children. This news didn't surprise me at all. What does surprise me is how fast he did this. They only really meet about a month ago. He did call me first and asked me how I felt about it, which even though its none of my business, thought was nice. Any thing we should consider or be aware of before this is final? She's not 100% sure years down the line she will even want it. He does have a partner, but he only owns 20%. I guess if she decides she doesn't want it she can sell it. The business is doing really well right now. Thoughts?

  2. jnjross

    jnjross Songster

    Apr 3, 2008
    edwards, ms
    as long as she knows she will have to file taxes for the business?

    dh went into partners with one of mil's boyfriendsss, and the bf kept the money and we paid the taxes [​IMG]
  3. ginbart

    ginbart Crowing

    Mar 9, 2008
    Bloomsburg, PA
    I know in our state POA ends when the person dies. All she would be able to do is make decisions for him if he became incompetent. ThatÂ’s concerning the fishing lure business only unless he has giving her POA on everything.

    He would need to put it in his will that he wanted her to have the business.

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