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Started By
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Auditing financial records
Posted on 7/2/24 at 7:39 pm
Posted on 7/2/24 at 7:39 pm
Can you request to have a parent's retirement accounts audited for peace of mind either before or after death. Long story short. My dad inherited x amount of money over a decade ago. Tells me about how much he as today and it's nowhere near what it should be. My stepmom is his power of attorney and "financial advisor". She handles all of the investments and moves for his accounts. They've been remarried a few times so, I have my reservations. He won't listen to me
6
Posted on 7/2/24 at 7:48 pm to lsuguru
Possibly. Is she a signer and/or authorized user of the accounts?
Did the money get moved to a joint account?
If she is it would probably be hard to challenge any money moves. It’s hard to litigate stupidity or spending excess.
Fraud would be different and that would entail forgery and moving money without authorization.
I’ve instructed my parents to spend it like it’s stolen. Any money they leave would be considered an unexpected bonus.
Did the money get moved to a joint account?
If she is it would probably be hard to challenge any money moves. It’s hard to litigate stupidity or spending excess.
Fraud would be different and that would entail forgery and moving money without authorization.
I’ve instructed my parents to spend it like it’s stolen. Any money they leave would be considered an unexpected bonus.
Posted on 7/2/24 at 8:43 pm to lsuguru
quote:
My stepmom is his power of attorney and "financial advisor". She handles all of the investments and moves for his accounts. They've been remarried a few times
She has POA, is his advisor giving her discretion to control his money, and they’re married? You can request them, but I don’t see where you’d have a leg to stand on in this dispute
Posted on 7/2/24 at 9:19 pm to Weekend Warrior79
I'm mainly worried about her moving money into other accounts. Hers or step siblings accounts. She could care less about me
Posted on 7/2/24 at 10:07 pm to lsuguru
IMO, Dad needs to get on board and consider revoking POA if request to have an audit is denied. I mean, what is there to hide? There should be transparency and accountability right. Likely need advice of a lawyer. Dig in the records, unravel the money movements and discuss with Dad his knowledge of the findings.
Posted on 7/2/24 at 10:17 pm to lsuguru
quote:
She could care less about me
How much less?
Posted on 7/2/24 at 10:20 pm to lsuguru
quote:
I'm mainly worried about her moving money into other accounts. Hers or step siblings accounts. She could care less about me
Unless you have proof she is committing fraud, nothing you can do.
This is between your dad and his wife
Posted on 7/2/24 at 10:33 pm to lsuguru
quote:
She could care less about me
Unless you have some issue where you need the money just go on living your life and forget it. Your dad can do whatever he wants.
Posted on 7/3/24 at 7:43 am to lsuguru
At this point it's between him and her. It's his money and his life to do as he wishes.
Posted on 7/3/24 at 10:21 am to lsuguru
Give us some figures.
How much did he start with and how much does he have now?
Or just tell us how what was the overall % increase/decrease over the 10 years.
How much did he start with and how much does he have now?
Or just tell us how what was the overall % increase/decrease over the 10 years.
Posted on 7/5/24 at 4:13 pm to lsuguru
Stepmoms are the worst.
Posted on 7/6/24 at 10:09 am to lsuguru
It could be your dad too, not many parents discuss their vices with their kids.
Yes likely your stepmom, but if they are married and if she has power of attorney there really is nothing you can do unfortunately.
Yes likely your stepmom, but if they are married and if she has power of attorney there really is nothing you can do unfortunately.
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