Why isn't a will enough???

[The Mystery Machine]

He did his will through the VA. I also have medical POA and am on all of his bank accounts. He doesn't have much. And what he does have is in my house and in my possession. It is when they find out that there is a life insurance policy that it will hit the fan. It is a small policy and meant to cover any expenses my husband and I incur at the end. He knows that all the financial burden will fall to me.

That is a part of your dad's "estate" and it will not be yours to keep as an FYI to you.

My sister and BIL have to document everything as the executors and that is EVERYTHING including ALL assets.

I recommend having your dad "sell" his "things" to you at fair market value, esp. if they are "heirloom" pieces or something like that.

 

[hellow]

That is a part of your dad's "estate" and it will not be yours to keep as an FYI to you.

My sister and BIL have to document everything as the executors and that is EVERYTHING including ALL assets.

I recommend having your dad "sell" his "things" to you at fair market value, esp. if they are "heirloom" pieces or something like that.

But don't do anything like this without talking to an accountant (depending upon what the assets are) because there are tax basis issues.

 

[The Mystery Machine]

But don't do anything like this without talking to an accountant (depending upon what the assets are) because there are tax basis issues.

Good point. I know there are additional issues as well, I am sure.

I was just trying to warn the OP that just because she is in possession of items does not make them hers to keep.

It is a messy, messy business.

 

[worm761]

That is a part of your dad's "estate" and it will not be yours to keep as an FYI to you.

My sister and BIL have to document everything as the executors and that is EVERYTHING including ALL assets.

I recommend having your dad "sell" his "things" to you at fair market value, esp. if they are "heirloom" pieces or something like that.

Really, he has nothing of real value. The most valuable thing is a ring that my mother stated was for my niece and everyone agrees that she should get it. I (and my siblings) feel that she is not old enough to have it yet. She doesn't understand that it has been in the family for 5 generations. It is ugly as all get out too! LOL I have the safe keeping of said ring until I feel she is mature enough to not destroy it or worse, pawn it. Other than that, there is nothing really. My mother had no clue about money so she spent every dime my father made until she dies suddenly.

My siblings will be angry about the small life insurance policy. It is a whole ten thousand. Enough to cover his final expenses but not much more than that. They will just want a piece. I just wish they would care while he is still alive. Not that I think he is dying soon. He is still fairly young at 64 but getting older and sicker. High cholesterol and what not. They don't call. They don't care. They don't help pay for his electric, water, internet, TV, food, and whatnot. We support my dad and this is his way of paying us back. Whatever makes him happy. I have no problems with it.

 

[The Mystery Machine]

Really, he has nothing of real value. The most valuable thing is a ring that my mother stated was for my niece and everyone agrees that she should get it. I (and my siblings) feel that she is not old enough to have it yet. She doesn't understand that it has been in the family for 5 generations. It is ugly as all get out too! LOL I have the safe keeping of said ring until I feel she is mature enough to not destroy it or worse, pawn it. Other than that, there is nothing really. My mother had no clue about money so she spent every dime my father made until she dies suddenly.

My siblings will be angry about the small life insurance policy. It is a whole ten thousand. Enough to cover his final expenses but not much more than that. They will just want a piece. I just wish they would care while he is still alive. Not that I think he is dying soon. He is still fairly young at 64 but getting older and sicker. High cholesterol and what not. They don't call. They don't care. They don't help pay for his electric, water, internet, TV, food, and whatnot. We support my dad and this is his way of paying us back. Whatever makes him happy. I have no problems with it.

I do understand what you are talking about. I am just warning you that it is not easy as you make it out to be.

10,000 will be for funeral expenses if you are going that route.

In addition you can charge your dad for you caregiving, just to cover your butt.

Just throwing that out there. Look into that stuff.

High cholesterol? Does he have cardiac symptoms? Sorry that jumps out at me because my dh also had/has high cholesterol and now he sits here recovering from a heart attack and triple bypass. He is now going to a LIPID CLINIC to get that under control. (Highly recommend that.)

Think about a scenario if he has a heart attack. How will those bills get paid? You will make payment plans more than likely.

If he passes with debt, liens will be put against his estate from those creditors.

Caregivers are one of the first people in line to get "paid". Then you have the whole nursing home scenario. They are going to want that life insurance. (We have not run into that yet, thank goodness).

I am just telling you things can get really crazy and what you envision may not happen. I highly recommend getting POA's and all that jazz.

In fact I will be working on my parents. My mom is 75 TODAY!!!!

Sorry did not mean to overwhelm you, just giving you stuff to think about.