my father just passed away I am helping my mother w/finances need advise on names on accounts and house/car?
367006
I work in a bank and what u should do is have your mum contact a solicitor and have her give you / someone she trusts rights over her affairs. It is called the Power Of Attorney. If your mum is ill her doctor can sign a form saying that she is incapable of looking after her own affairs, and should that day come then the "power of attorney" will have authority over all your mums assets. This is why it is important that it be someone she trusts. There is no need to change all of her things into someone elses name. What I would recommend is that your mum's will be kept up to date so that should THAT day come all of her assets will be divided up as she would have wished.
988001
She will have to go through the court process to distribute the assets he has left.  Everything has to go through the state if there is no will.  I would suggest she call an attorney and a certified public accountant.  The attorney will be able to tell her how and where to file papers to the state.  The CPA will tell her what she needs to do to file his final tax return and the Estate Tax Return (if needed).  If he doesn't have much say maybe a house and a car or something small then she shouldn't have to do much.  If he has a lot of stocks, bonds, savings accounts, retirement, etc.  she should definately hire an attorney.  Check your state laws for more specific details of forms and steps to take.  I'm sorry to hear about her loss.  You are a good friend to help her anyway you can.
125918
I hope that you will accept this honest answer.  Sometimes you can't do anything financially.  It may hurt so bad not to be able to assist your mother.  This person who probably helped you when you needed it most.\n\nThere is nothing that compares with a depth of a relationship with her.  No amount of money will ever compare to it.  Spend time with her.  If you get a little extra back from the government be willing to share some of that.\n\nSometimes there are organizations that will help such as churches and city & state governmental offices.\n\nIf it means anything to you, I will spend the next several minutes praying for wisdom in this situation.  Look me up sometime and ask me, I would love to tell you about how God has helped us to help others.\n\nBlessings,\nchillie
678239
Talk to your attorney first about property rights. You just can't put somebody else's name on the deed willy-nilly, especially if there's a mortgage involved. \n\nThen bring it up with your father carefully. Further decide how much your relationship with your father is worth. Because there are other things in life besides money that are important...And your relationship with your father may be worth more than the 50K you might lose under a different situation.
787909
"Beneficiary question?  I am in Texas and I am named as a beneficiary in my grandfather's will. He also left some accounts for me with a POD.  Are the POD accounts counted in probate or can I get access to them without probate? How do I go about finding out what is mine? How long does my father have to notify me with my grandfather's wishes? Father is very dishonest and I have not had contact with him since I was a child. I do not trust him. I could get an attorney but that is a last resort. Thanks for your time!"\n\nThe quick answer to your question is "Keep track of the probate progress of your grandfather's will and get involved as much as necessary even if that means appearing without an attorney."\n\nGenerally speaking, bank accounts that are held under the Uniform Gift to Minors Act are payable to a beneficiary under operation of law (no through a testamentary process) as a trust account-- at a certain age depending on your local laws (generally 18, 21 or 25 years of age).  Additionally, if the accounts you speak of weren't UGMA but were held jointly-- with your grandfather's name and your name-- then you (or your legal parent or guardian if you're under 18) are generally entitled to access to the account upon that person's death by operation of law since you have a joint interest.  And, of course, trust accounts (that you don't mention specifically) are also exist and are distributed by operation of law.\n\nThat said, probate judges have significant latitude in securing the assets of a deceased person to ensure payments to appearing creditors and to ensure the administrator of an estate can carry out the last wishes of the deceased as articulated in the will.\n\nSince you believe you have a claim to assets now held in your grandfather's name, you should go to the probate proceedings and let the judge know you have that interest and want it to be protected as you believe your father as administrator may not recognize it.  Even where the monies might pass to you by operation of law, your appearance at probate helps to ensure your interests are protected.\n\nYou don't need an attorney to appear and to speak on your own behalf.  But if the monies are significant, having an attorney is probably a good idea.\n\n[This is not legal advice. You should consult a licensed attorney-at-law for legal advice or representation before making decisions that may affect your legal rights.]
746872
Check with an attorney to see if you can get her declared incompetent and you should seek power of attorney to make financial decisions on her behalf.  It sounds like your brother has started this process already.  So discuss with attorney the possibility of courts deciding which of you have her best interests at heart.  \n\nI'm really sorry about what you are going through, when money gets in the middle of family affairs sometimes it gets complicated.  \n\nBest of luck to you and your mother!
826351
If the document your dad signed was legal, then you have a legal case.  But 2000.00 isn't very much money to start with, and a lawyer will probably cost you more than 2000.00.  \n\nYou might want to wait a little while to see how you feel before making a decision about this.  If you get involved with figuring this out now, it may temporarily distract you from the pain of losing your father, but is that what you really want?   I suggest you give yourself time to grieve and to remember things about your dad, and to spend time with your sister, etc.  I hope you and your family can find comfort in each other during this difficult time.
294639
Upon your mothers death you would inherit the house tax free with a stepped up basis equal to its current market value. At that point you could sell it with little or no tax consequence. If her estate is under the threshold in the year she died, the estate would not have a tax either. Since I don't know the value of her estate, I can't answer that ??. If you sell now, she might have a taxable event if the house appreciated more than $250K since 1999 basis she got when your dad died. \n\nThere are a few wrinkles based upon the info above. If it were my own situation, I know enough to make the decision, in your case you should spend an hours time with a CPA who knows estates & trusts.\n\nIf you want, post your moms basis on DOD in 1999, current value and size of estate and we could hash it out a bit more. However it is still wise to see a CPA.
262322
Sounds like you want your mom to have the house if you die or get divorced, and leave your husband with nothing. You can't.\n\nThis is not how a marriage works, usually the husband get the stuff if the wife dies and vice versa. If you want to get around this then your mom should own the house. Not really something you can do since presumably you and your husband are paying for it. If you die and he is still paying how can you say the house should be hers?\n\nIt is quite natural to have a concern for a parent if something happens. Consider instead using a will or living trust to leave her with some money, not all of both of your money, just some. Say you and your husband have $20,000 in a 401k plan, leave up to "your half" of it to her or up to $10,000. Don't be surprised if this upsets him, I know it would me if my wife wanted to give all, or even half of "our" money to her mom. But then she can trust me to give her mom any if she needs it where maybe you can't.\n\nIf you don't have a retirement account of any sort then start two one for your husband and one for you. Put an equal amount into each and when you open the account put your moms name as the benificiary of "yours" and let him have a say in who is the beneficiarry in "his". \n\nMost likely you will outlive your mom so the money will truly be for your retirement. If something does happen then she will have a little money to help her out. That is probably the best you can do.
846295
Arrrange it so that only you can make transactions on your account. Close your old accounts and create new ones. Change your signature (this actualy can be done, but there is a procedure for it- contact your bank for more information). If you are unable to decide on a course of action or are unsure as to whether you're doing enough, sit down with a representative from your bank and talk it over with him/her. Does your sister know information such as your Social Security number? If she does, then you'll have a hard time trying to keep her from your money. Again, talk to someone from your bank or even a lawyer about this. But one thing is clear- do NOT let your sister ruin your financial life.
470811
Your deceased mother's property should be distributed according to her wishes, and those wishes should be spelled out in a will. \n\nHer Texas driver license is not her property. It belongs to the State of Texas, and should be surrendered to the Department of Motor Vehicles, since she is deceased. \n\nThe law addresses the illegal USE of those documents, but mere possession of them as part of estate property should be addressed by the executor of her estate. \n\nAnd, yes, if you're unable to simply ask your aunt for your mother's things, you'd do well to send her a letter asking for them. Remember, however, that while you're her daughter, that your aunt is her sister. Might be a good idea to sit down together and talk about your mother's property.\n\nGood luck.
792083
Call his mom and ask what he's been hinting about. She will help and be happy you included her and she will make sure it's not to expensive.
877191
The distribution of his estate will be determined by his will or trust.  You need to request that your father make a new one.  If his present will names his wife (your mom) as beneficiary, then he needs to re-do it......Tell him you don't care how he distributes is real assests in his will or trust,  just make sure he has one...a current one!!!! \n\n My dad made a will  10 years before he died.  His wish was that his wife (not my mom) receive the house/.farm, which he figured at the time, was 40% of his estate, and his stocks would be divided among his four children, 15% each.  During those 10 years, he became ill, and she quit her job to care for him. (she was 30 years his junior). He never changed his will, which was fine with me..... she was the only woman who ever loved him for who he was rather than for the amount of $$ he could make (he was a doc).  But, during those 10 years, all of his stocks had to be sold to support them and his illness.  The estate was then thrown into court.  I came to her side to try to get it so that the house/farm would still be hers.  My siblings, (being the reptiles that they were) wanted her thrown out of the house immediately.  Over a year later, I got it settled that she could stay in the house (actually, it was a large farm) as long as she wished, and when she wished to sell, the 60-40 split would be made then and only then.  My dad had independently signed the house over to her 2 years before he died, but they got it denied in court!!!!!!  It was messy.  Wills are sort of complicated.  Your dad needs to see an attorney.  Short of that, he can write out a will IN HIS OWN HAND, rejecting the will or trust he has now, if he has one......  how he would want his estate divided should he drop dead tomorrow.  He then needs to have a couple of friends of his sign each page and date each page, and put it in a safe deposit box.  You don't need to know what it contains, only that it exists.  This will hold up in court.  However, a planned estate (now called a trust) works better.  We are all very good at denying our mortality... wills and the like are "ded stuff" and we all hate to think of that.....\n\nNow for a real twist::::::::::  My ex and I divorced, no children, and our wills were 20 years old.  We did the divorce ourselves, nothing was listed to be divided, got papers off the internet, everything blank, filed, and we were granted a divorce.  But we continued to hold things jointly -- joint checking accounts, joint savings, joint investments, each the beneficiary on our IRAs, I remained the beneficiary to his insurance policy, he paid for the care and boarding of my horse in California, I moved to another state..... etc. Again, none of this was written out or filled in on the divorce papers...... Our 20 year old wills were made when we were flying all over Africa in the late 1980's and figured we'd both die in a plane crash in Kenya somewhere.  So, we left it all to 4 charities.  We did not revise our wills after our divorce....(mistake) we made our estate together, who but the other deserved it more should one of us die, right????  Besides, most everything was joint, anyway, right????  Between the granting of our divorce, August "04 and the time he was killed in an accident, July '05 he did take out a few things  (big investments) in his name only.  Even he thought my name was on them!!!!! In California, joint tenancy and beneficiary status FAIL, read again FAIL with divorce..... unless me, as the surviving ex can prove "beyond all reasonable doubt" that the decedent would have wished joint tenancy and beneficiary status to remain.  I did have that proof, but it took a year, and $20,000 of attorney fees and a mediation session  to prove it.  Those 4 charities froze ALL of my assets, and his too!!!!  Charities, for christ sake!!!!  In the end, against what he really wanted, they got everything that was in his name alone, and cut into some of the th
82861
see if you can go on your mom's or dads credit card as authorized user then use it and PAY for it...it will report on your credit, also try to get on one that has no balance and pay for it yourself. take the FULL responciblity
84275
If your family is financially stable, I would sell anything that you don't need, use or whatever needs to be replaces.  Key word - sell, don't give it away.  If you are moving because your parents got a new job, have the new company pay to PACK and MOVE your stuff.  Do some research online about shipping cars and large furniture pieces. It may not be as expensive as you think.
1163531
An interesting situation. Will the son continue to live in the house after you die? If not, you should look at a reverse mortgage. If yes, he will, then annuity may take away his support. \n\nIf you're not concerned about the son, an immediate annuity should not be ruled out but should be considered only as part of a diversified portfolio. You need to do distribute your cd's among stock mutual funds and bonds or bond mutual funds as well as cash, for example. The typical modern financial recommendation is 60 percent stocks and 40 percent in cash and fixed income investments. You need current income and growth to accommodate inflation. \n\nA consultation with a fee-based financial advisor and an elder care attorney specialist would benefit you.
11085
You have to include the household income of the parent you're living on right now. You can also check which one of them have you as a direct dependant on their tax return. Not both of them can have you there and the government will also use that information as a decision point.