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Started By
Message
re: Family Squabble - Advice Requested
Posted on 5/18/13 at 3:33 am to tiger114
Posted on 5/18/13 at 3:33 am to tiger114
quote:
She is essentially stealing from my dad, me, and my kids.
Prepare a document that makes everything right, put a gun to her head and make her sign it...kill her if she doesn't comply
1
Posted on 5/18/13 at 9:30 am to Dark Tiger
If Auntie has been cashing in annuities and other financial instruments, she may be exposing your uncle to unnecessary tax liabilities.
You not only need to see an attorney, but you need to get professional tax advice. When/if she makes any transfers are there any gift tax liabilities?
Now for the good part. IF Auntie cleans Uncle out and then decides she can't handle taking care of him anymore (believe me that happens), then the rest of the family may be saddled with Uncle. If Uncle does not have a streaming income to cover nursing home expenses (should he need them), then any monies transferred during the prior 5 years may disqualify him for Medicaid.
Medicaid Rules vary state to state as well as elder care rules. You might want to see an attorney who has experience in dealing with elder issues. At some point it will probably be your Dad who has to deal with the residue of Aunties actions.
You not only need to see an attorney, but you need to get professional tax advice. When/if she makes any transfers are there any gift tax liabilities?
Now for the good part. IF Auntie cleans Uncle out and then decides she can't handle taking care of him anymore (believe me that happens), then the rest of the family may be saddled with Uncle. If Uncle does not have a streaming income to cover nursing home expenses (should he need them), then any monies transferred during the prior 5 years may disqualify him for Medicaid.
Medicaid Rules vary state to state as well as elder care rules. You might want to see an attorney who has experience in dealing with elder issues. At some point it will probably be your Dad who has to deal with the residue of Aunties actions.
This post was edited on 5/18/13 at 9:32 am
Posted on 5/18/13 at 9:36 am to tiger114
quote:
I have an elderly uncle who has a little nest egg (prob. $2M-4M). He isn't on death's doorstep, but it won't be long - 5 years max.
He has no kids, so he assigned power of attorney to my dad, my dad's brother, and my dad's brother's wife (my aunt).
quote:Serious question:
Do you know what the recourse is if she hasn't blown it?
Are you guys well off enough that if she had ""blown"" $4M, you'd not know it?
Because if that's the case, the money may not be that important anyway. Weigh the relative cost of letting it ride vs screwing family relationships.
If on the other hand a $2M-$4M blow-out over time would rate as a noticeable change in lifestyle, as it normally would, consider what you're suggesting about her possibly having "blown it". It's the kind of assertion that if inaccurate, has consequences.
Best thing for your dad to do, it would seem, is use his POA to simply find out what's going on in the account. Do not guess. There's no need. Get the facts. Then make appropriate decisions.
I've seen this float both ways.
(1) Family overestimates assets and unfairly accuses the main care custodian of bilking.
(2) Family member acts innocent while bilking.
Either is a possibility in your situation . . . absent the actual facts.
Posted on 5/19/13 at 10:29 am to NC_Tigah
They have 4 kids and 3 grandkids. 2 of their kids and 2 of the grandkids are still on the teat. They spend money like crazy, even if they don't have it. Will borrow money against land that has been in our family for centuries to buy $10k 4-wheelers for everyone, everyone gets new cars every 2 years or so, etc. they also gamble at the casino by their house all of the time. She could burn through a lot of cash in a short period of time.
Also, my dad and I just found out about this, but it actually happened in August.
Also, my dad and I just found out about this, but it actually happened in August.
Posted on 5/19/13 at 12:52 pm to tiger114
quote:
they also gamble
Money is gone
I guarantee it
Posted on 5/19/13 at 1:27 pm to tiger114
quote:
my dad and I just found out about this, but it actually happened in August.
Y'all weren't balancing the books every month?
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