Fiduciary Questions

Discussion in 'Fiduciary questions' started by Jandy, Jan 16, 2016.

  1. Jandy

    Jandy Jr. Member

    We just got notice that my dear veteran father was approved for the max A&A benefit. From application to approval took about 11 weeks (with a little hiccup along the way--the VA required clarification). The St Paul center processed the application.

    My father has dementia, so we now turn to the FIDUCIARY issue. I've been so fixated on the application, I hadn't thought much about it until now. I did a search here and on the VA website, but I still have some questions:

    (1) I've come across the recommended language to submit on a 21-4138 to start the process ("Please be advised that (parent's name) and I have no issue with the VA finding of incompetence...."). But to clarify: whose "voice" is this? The language indicates it's the proposed fiduciary, but I understand it's the beneficiary (my dad) who signs it??? Or do both parties sign it?

    (2) Is it recommended that the fiduciary live in the same state as the beneficiary? My sister lives in the same state, but I do not.

    (3) I believe a felony conviction & a bankruptcy disqualify a fiduciary (understandably!). But how about more minor things? (examples: being late with a bill payment, or carrying "X" amount as credit card debt, etc...).

    (4) Any guidance on how much notice you get re the scheduling of the field interview with the VA rep? A month? A day? Hours?

    (5) Is it recommended (or even required) that the custodial account be dedicated SOLELY to the A&A money? Or can we consolidate things by having one account?

    I'm sure I'll think of other things later. Thank you so much to the creator and moderators of this site--I could NOT be doing any of this without you! :)
     
  2. vetadmin

    vetadmin Administrator Staff Member

    Jandy,

    I mentioned Congratulations in another post, but again, we are so happy for you and your Dad.

    1 Yes, use the verbiage waiving the 60 days, and use the 21-4138.

    2. The Fiduciary does not need to live in the same state.

    3. Only the bankruptcy and felony issues concern Fiduciary status, but if your sister does live in the same state, and does not have any late payment issues, you may want to consider appointing her if that is agreeable and something you are comfortable with.

    4. The Fiduciary interview can and usually does take several months. You will get a call from a Field Agent letting you know the date and time they have schedule it for.

    5. You will be required to establish a separate banking account that only the VA payments will go into once you or your sister are appointed. Until the interview takes place, monies will be deposited into the account information you provided with the application.

    We are glad to have been here for you!!
     
  3. Jandy

    Jandy Jr. Member

    Thank you so much. Yes, my sister and I are thrilled and so relieved. We cried together on the phone after we got the approval letter. It allows my sweet father to live in a nice, comfortable ALF.

    A couple follow-up questions:

    Re the 21-4138 waiving the 60 days, does my father sign this? Does the proposed fiduciary (me or my sister) sign it?

    Either my sister or I would be willing and honored to serve as fiduciary. My sister and her husband are hard-working public school teachers, so I can't be absolutely sure they don't have a late payment in their past. If you don't think that would disqualify her, it would probably be easier for her to serve since she's in the same state. I'll discuss it with her and we'll decide what's best. I just didn't know how impeccable a fiduciary's financial past needs to be! :) But there's no one with more integrity, no one I trust more than my sister. And we both love my father more than we can say.

    Thank you once again for everything. This site, what you do, all of it--it matters so much.
     
  4. vetadmin

    vetadmin Administrator Staff Member

    Jandy,

    Yes, your Dad signs the 21-4138.

    A late payment here or there is not going to be an issue.

    Many times when a Field Agent does schedule an interview they don't give much lead time, so it may be easier for your sister since she would not have to travel, but again since you have overseen this process, and want to be the one asking to be appointed, it should not be a problem.

    Jandy, you are very welcome, and I am happy that the efforts here have allowed your Dad and your family the peace of mind to know he can afford the proper care, and his sacrifice of service has been recognized.
     

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