Generally, no tax implications so long as no money transfers to you, obviously.
As for liability, make sure you don’t ever commingle your and this individual’s funds. And whenever you act, make sure that your signature reflects that you are acting as attorney-in-fact for her, i.e., her agent so that third parties are under no misunderstanding regarding your capacity and involvement. Bill paying should be all done out of her accounts. I’d be especially carefully if or when you have to sign documents and contracts or her behalf.
It’s basically a matter of whom third parties believe is the obligor and you want to make it clear it’s the grantor of the POA, never you.
“Also since you are modifying the will, I would review the entire will with your grandmother to see if it still reflects her intentions and that the right persons are name as executors. Sometimes unforeseen things happen after a will is written. Now seems like a good time to review it.”
Thanks, noname. The complicating factor right now is that grandmother is in PA and mother, sister and I are all in IL. This is a completely simple, uncomplicated will and estate - modest checking account and 2 CDs, and a fully paid for modest house that we will just want to sell and get rid of. No car, no collectibles, and no one will want any of the belongings (aside from sentimental keepsakes). In addition to changing the will with the lawyer, we’ve also set up time with the bank to attest / notarize / etc. that my sister is to be the beneficiary of those accounts. There is no discord within the family about what needs to be done to ensure my grandmother’s assets go to my sister and not to my mother. Discord on a lot of other things but not this!! We do already have medical power of attorney and living will for my mother, but thank you for the suggestion / reminder.
Attorneymother - Thank you for the comments about ensuring our sigs reflect we are our mother’s agent, and that bill paying is done out of her accounts - that is good to know.