Fiduciary Accounting Question

Discussion in 'Share Your Personal Experience' started by luvnmom, Mar 5, 2013.

  1. luvnmom

    luvnmom Newbie

    Hi Debbie,

    I was appointed as my mother's fiduciary in September 2011. At the time of the field interview, my mother was only receiving $99 (due to an error when submitting her original application). At that time, I was asked to sign a document that stated I was not required to submit an accounting of fund usage to the VA. In February 2012, my mother was awarded the full A&A monthly benefit, and payments began in March 2012. A retroactive payment ~$16,000. was deposited in March, 2012.

    Last week, my mother & I had our "1 year" field visit with a nice woman from the Salt Lake City Fiduciary Hub. The meeting went well, and I was reaffirmed as my mother's fiduciary. A few days later, the woman calls me to inform me that the VA Fiduciary hub would now be requiring annual accounting of funds since my mother's VA account has a balance greater than $10,000.

    Yesterday, I received a letter from the fiduciary hub "officially" reaffirming me as fiduciary, and included Form 4716a - Federal Fiduciary's Account, and Form 21-4718a Certificate of Balance on Deposit and Authorization to Disclose Financial Records for the accounting period dating back to September 2011.

    In the letter I received, it stated that I had to complet & return these forms, along with annual bank statements, on or prior to March 31st.

    I'm a little concerned because everything about this process with the VA has been a headache....can you tell me if this all sounds "normal" to you? I don't understand why the accounting would not begin starting the date I was informed I needed to start accounting (last week), and I don't understand why they would alot you less than a month to put together a year's worth of accounting that you haven't previously been required to report.

    Please let me know your thoughts...Am I stressing over something that is just "routine"???

    My mother has no assets besides her VA money and a small Social Security payment. She owns nothing. I support her & take care of her.
  2. vetadmin

    vetadmin Administrator Staff Member

    Yes this is right. With less than 10K, there is no reporting. More than 10K, reporting is required – that’s why you don’t want to hold onto the VA money you need to spend it and get that money out of there as fast as you Legitimately can – they ASSUME you spend the VA money first so until it is gone, you want to build up the social security account 0 which is not included in the accounting.

    So no need to worry.
  3. MiataDriver

    MiataDriver Newbie

    ;D I have learned so much from reading up on this. Thank you for the service you do for this forum!
  4. vetadmin

    vetadmin Administrator Staff Member

    You're welcome!

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