Don’t steal Mom’s assets!!
I manage the finances for my 101yo mother who is in a nursing center. She is in fairly good health and can get herself from bed to wheelchair, feed herself but is confused at times. My brother and I are the only beneficiaries so we will share equally in her estate which is about $300,000. Her yrly expenses are about $60,000. My brother is 70 and could use the inheritance now. What would be the best way/least taxed way to distribute some of the funds now.
Terry Says
You can’t! You have a fiduciary responsibility to keep that money available for your mother’s care! If she lives another five years, she will need the cash. This is a classic scenario — families hovering around waiting for their inheritance. If you give away her estate that could be used for her care, the state could come after you to recoup the money after her death if she runs out of money and Medicaid takes over. they will do an assessment of what happene4d to her assets! (And you don’t want her in a Medicaid nursing home!)
Be a good daughter — not a good sister. Your role is important now –and please show your brother my answer. He already has Social Security, I presume. He will have to wait to see what’s left when his mother passes!
