24hourcampfire.com
24hourcampfire.com
-->
Previous Thread
Next Thread
Print Thread
Hop To
Page 2 of 2 1 2
Joined: May 2014
Posts: 347
W
Campfire Member
Offline
Campfire Member
W
Joined: May 2014
Posts: 347
Their is little reason for mama to gift you money each year to avoid the estate tax when the credit is 5.4 million, unless mama has that kind of money. Now if you and mama are planning for a nursing home then you need to find a lawyer that does Elder law in Alaska if that where mama is going to stay.

Last edited by wesheltonj; 12/27/16.
GB1

Joined: Nov 2005
Posts: 2,540
Campfire Regular
Offline
Campfire Regular
Joined: Nov 2005
Posts: 2,540
Two or three other minor items:

Since your Dad has passed it would help to update beneficiary designations on any insurance policies.

If your Mom doesn't mind, she can put you on her checking or savings accounts as a joint owner. That way if she passes or becomes incapacitated you have instant, legal access to some of her money for doctor bills or final expenses without having to go through additional procedures to use the power of attorney, or executor paperwork.

Start a spiral notebook dedicated to the estate process, and use it for notes with dates to retain any and every bit of activity, meetings, phone calls , especially any monetary transactions in any direction. Also maintain lists of contacts and phone numbers, email addresses, etc.
This keeps everything in one place, and preserves info that you thought you would never forget, but you just might.

The monetary records are especially important if you have any siblings, so that all transactions are documented to support your actions if anything is challenged later. This helps insure fairness to all parties, especially you.


Nifty-250

"If you don't know where you're going, you may wind up somewhere else".
Yogi Berra
Joined: Sep 2002
Posts: 3,391
Campfire Tracker
Offline
Campfire Tracker
Joined: Sep 2002
Posts: 3,391
Not knowing exactly what her age is don't for get about the 5 year look back should she need to go into a home. Don't wait to long on this or the state could take it all to pay for the nursing home care.


I Kill Things......deal with it..
Joined: Nov 2006
Posts: 857
Wook Offline OP
Campfire Regular
OP Offline
Campfire Regular
Joined: Nov 2006
Posts: 857
Great advice nifty-two.

One of her trusted neighbor's we've known for 36+ years is going to help us find a lawyer and go through the process with us. He just did this when his mother passed last year.

Like me, he has one sibling that 'can't be trusted' with assets, so he's got some advice for us there too.

Mom is 68 and healthy, btw. Hopefully no nursing home in the future. Hoping she can remain in her house until the time comes.

Joined: Apr 2011
Posts: 151,096
Campfire Savant
Offline
Campfire Savant
Joined: Apr 2011
Posts: 151,096
Lawyer is the best advice given.

IC B2

Page 2 of 2 1 2

Moderated by  RickBin 

Link Copied to Clipboard
AX24

100 members (44automag, 35sambar, 10gaugemag, 6mmCreedmoor, 358WCF, 673, 13 invisible), 1,577 guests, and 858 robots.
Key: Admin, Global Mod, Mod
Forum Statistics
Forums81
Topics1,191,279
Posts18,467,658
Members73,928
Most Online11,491
Jul 7th, 2023


 


Fish & Game Departments | Solunar Tables | Mission Statement | Privacy Policy | Contact Us | DMCA
Hunting | Fishing | Camping | Backpacking | Reloading | Campfire Forums | Gear Shop
Copyright © 2000-2024 24hourcampfire.com, Inc. All Rights Reserved.



Powered by UBB.threads™ PHP Forum Software 7.7.5
(Release build 20201027)
Responsive Width:

PHP: 7.3.33 Page Time: 0.076s Queries: 15 (0.002s) Memory: 0.8164 MB (Peak: 0.8786 MB) Data Comp: Zlib Server Time: 2024-04-25 07:03:23 UTC
Valid HTML 5 and Valid CSS