Caring For Aging Parents Support Group
Caring for aging parents can be a difficul time as we become the caretakers for our parents. This broad responsibility can encompass such services as assisted living, adult day care, long term care, nursing homes, hospice care, and in-home care. Whether you have just started caring for your parents or just need a place to talk, we're here.
Mom is miserable because she wants to change the beneficiaries and her attorney said that my sibs can contest and restore the "original " trust after she passes. Now, she wants to spend her money and I am worrying that there wont be any for future care. Sigh, will this stress ever give me a day off :)
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Sorry, that sounded very blunt and I did not it mean to sound that way.
The best thing, in my opinion, would be to leave the will alone. If mom tried to spend wrecklessly I would remind her that this will only give your siblings reason to say she is crazy. Unless she wants them in her business she needs to just be herself.
What did the lawyer say about her changing the beneficiaries on the other accounts? That sounds like it could really be a mess. She might need to change that back.
The Trustee list is what will be modified to leave only one son, one daughter ( I ) and attorney will send letters. The beneficiaries use to contain all my sibs and their kids. He said it was reasonable to remove her grandchildren but not her children (who were entitled to larger shares anyway.
As for retirement annuities, she can draw them out at anytime. Pays higher estimated tax payments of course and will have less income. So, it depends how she wants to deal with it. Will have to do something with the cash to keep medicaid from being a PIA. She wants solar panels on the house. I want a coffee can in the backyard under the dog house :)
I am somewhat better at ease even though the lawyer warned me about the two sibs wanted to cut out. I will make them pay to speak to this attorney if there are questions. He told me I don't have to answer anything to them if I so choose.
Have not heard back yet about all this. Will know more this week
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Technically any gift to each individual more than 15,000 must be reported and mom would pay a gift tax on it. So oil changes, tires, etc would all be added up by person. Is the irs going to check her receipts, nope. And doing that is easier to hide than say a check. They do monitor bank accounts and banks are required to report checks over a certain amount (thank you patriot act). I like the idea, however mom needs to remember that Medicare looks back five to seven years. Not sure how she is getting Medicaid if she has retirement accounts. And what happens if she spends down all this ones and needs nursing care? Is she willing to accept this reality?
I would recommend that you and mom keep exact records of what she gives or spends to each grandchild. You don't need to show anyone but if the subs ever tried to say you influenced mom you could show what their kids received. Also encourage mom to use charge cards for all her purchases so you have records. Withdrawing cash and making it disappear under the dog house is just what the sibs will be looking for.
Also be prepared for a firestorm when those letters go out. But direct all questions to the lawyer.
I am hoping she forgets about all of this. We are just getting to lower estimated tax payments beginning April 2014. (because she took out some of it and had higher income and lower income...sigh).
I keep trying to remind her that we will need money at this home with her in it. She is OK with it but has to be reminded of course !