Aging Parents & Finances

[Jenska22]

Caveat: I've skimmed the posts so sorry if this is duplication. If you are on a joint account it IS yours already. It is not included in any estate transactions which may have a huge tax implication if the states involved have estate or inheritance taxes. As pointed out, it also makes it immediately available without any other hassles, as long as you have a signature card on file.

 

[whacko]

My father is aging rapidly and has a variety of health problems.

We have a trust and will for real estate and it says all financial stuff including bank accounts etc go to me and the family.

With that being said, does it make sense for me to actually be on his bank accounts? That way, in the event he does kick the bucket I can just have easy access to his finances? He seems to think so but wanted to ask here first.

Otherwise, when he does kick the bucket, I guess I would have to bring the recorded trust and the will to the bank along with death certificate?

Uggghhhh....... Hate thinking the strongest man I know is weak, old and slow.

My family went through this.....

If he puts your name on the bank accounts.....legally that money is yours when he dies.

In a nutshell on my families shit storm years ago....from what my mom dealt with

One son was executor

A different son that lived closer to grandma had her put his names on all her bank accounts......"for more efficient help in paying bills for her"....etc

Grandma dies......the executor told the brother with names on the accounts he needs to draw all the money so it could be divided amon the siblings.....brother says that's my money my names are on the accounts that's what mom wanted......legellay.....he was right. The executor got a lawyer involved and everything.

The 3 other siblings didn't get much there were only a couple smaller accounts just in grandmas name....but the brother with names on the accounts got almost half a mil.

The 3 don't talk to him anymore....

Money......will make People do crazy shit.

 

[whacko]

Caveat: I've skimmed the posts so sorry if this is duplication. If you are on a joint account it IS yours already. It is not included in any estate transactions which may have a huge tax implication if the states involved have estate or inheritance taxes. As pointed out, it also makes it immediately available without any other hassles, as long as you have a signature card on file.

It also legally allows one sibling to tell the other siblings to "get f***ed" when it comes to dividing any account proceeds among them......even if the will states that the deceased wanted proceeds to be divided equally among the children. Ask me how I know.

 

[EJFudd]

Just remember that if you decide on a jointly owned account with an aging parent... yes, that is your money but it is also the parent's money. Depending on circumstances (which can vary wildly), you may find that money gone before or after the parent passes.

 

[Coda]

* Irrevocable Trusts have a 5 year look-back period, meaning a trust is there to protect assets from Medicare/Medicaid/Long Term Care costs but the trust needs to be properly executed (meaning assets transferred into the trusts name at least 5 years prior to a nursing home stay). A revocable trust provides protection for lawsuits and keep things out of probate but provide no protection for the typical elderly costs.

This is good if you can get the parent to agree, some older people are not comfortable giving their assets to their children before they pass. It is the smart thing to do but sometimes it is a no sell.

The most obvious reason is parents not having a responsible child, and that is not that uncommon. In other cases (such as mine) the parent wants to have power and control over their children. When my Mother passed I found 3 wills and 2 (revocable) trusts in the safe. Each one cutting different people in and out of her estate because they did not meet her expectations. My Mother was very demanding.

 

[EJFudd]

This is good if you can get the parent to agree, some older people are not comfortable giving their assets to their children before they pass. It is the smart thing to do but sometimes it is a no sell.

Being extremely old with one foot in the grave myself, I now understand the reluctance of essentially turning over everything you own to your children or nieces/nephews no matter how responsible they may be.

 

[Coda]

My family went through this.....

If he puts your name on the bank accounts.....legally that money is yours when he dies.

In a nutshell on my families shit storm years ago....from what my mom dealt with

One son was executor

A different son that lived closer to grandma had her put his names on all her bank accounts......"for more efficient help in paying bills for her"....etc

Grandma dies......the executor told the brother with names on the accounts he needs to draw all the money so it could be divided amon the siblings.....brother says that's my money my names are on the accounts that's what mom wanted......legellay.....he was right. The executor got a lawyer involved and everything.

The 3 other siblings didn't get much there were only a couple smaller accounts just in grandmas name....but the brother with names on the accounts got almost half a mil.

The 3 don't talk to him anymore....

Money......will make People do crazy shit.

Sadly, things like this are a common occurrence. It isn't just covid and vaccinations that ruin families.

 

[Coda]

Being extremely old with one foot in the grave myself, I now understand the reluctance of essentially turning over everything you own to your children or nieces/nephews no matter how responsible they may be.

I totally understand, even when they ARE responsible.

 

[whacko]

My father is aging rapidly and has a variety of health problems.

We have a trust and will for real estate and it says all financial stuff including bank accounts etc go to me and the family.

With that being said, does it make sense for me to actually be on his bank accounts? That way, in the event he does kick the bucket I can just have easy access to his finances? He seems to think so but wanted to ask here first.

Otherwise, when he does kick the bucket, I guess I would have to bring the recorded trust and the will to the bank along with death certificate?

Uggghhhh....... Hate thinking the strongest man I know is weak, old and slow.

Do you have siblings or family members that are supposed to get any of those account proceeds you want to put your name on? Because once your on the joint account the money is yours when he passes. I'm not saying you have nefarious intentions.....but....your siblings and family may get a little "concerned" if you do that.

Something for you to consider.....

 

[ASHDUMP]

Do you have siblings or family members that are supposed to get any of those account proceeds you want to put your name on? Because once your on the joint account the money is yours when he passes. I'm not saying you have nefarious intentions.....but....your siblings and family may get a little "concerned" if you do that.

Something for you to consider.....

Yes, I do have a sister. Actually, just put my name on my fathers account a few days ago. My sister was totally on board with all of this as we're close and respect each other. I just wanted to make sure I had access to his accounts incase I needed to help pay bills or in the event he passes I would be able to get access easily. My father also agreed and wanted me on his accounts.

 

[whacko]

Yes, I do have a sister. Actually, just put my name on my fathers account a few days ago. My sister was totally on board with all of this as we're close and respect each other. I just wanted to make sure I had access to his accounts incase I needed to help pay bills or in the event he passes I would be able to get access easily. My father also agreed and wanted me on his accounts.

It'd good that there is trust and open commu cation. Lots of times there isn't and the deceased isn't even aware of what will happen if one child is on the accounts.