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My Grandmother Passed away almost a year ago. She didn't have much, but she did have some life insurance policys, for around $30,000 (two different ones) and $50,000 left over from selling her house(after all debts were paid off). The last 3-4 years of her life she was "dating" an elder man in her retirement home. In the last year of her life they lived together in the same apt. Any ways, after she got the money she didn't know what to do with it, but she wanted it to incurr intrest so that it would grow, and eventually, it would be left to all of us kids in three parts. One part my mom, second part my Aunt, third part was equally divided between all grand kids, and great grand kids. This was all written in the will she left. My grandmothers boyfriend convinced her to invest in his small family company that his son is running. We ofcourse all felt like this was not a good idea, there buisness was not doing so good, and we didn't think it was safe investment. But grandmother was told that it would be very "liquid" that she could pull it out any time and no problems. They paid her $500 a month in intrest. Well after she passed away in feb 2006, my grandmothers brother has POT. He basically told us that the boyfriend (my g-mas)says that they can't afford to give the full amount of $50,000 out, and he can do a payment of over 10years. My g-mas brother was going to try to work something else out with him, but nothing has happened, and my sis and I want to know what actions can we take if any, and I have heard something about elderly law, that it was illegal for him to have her invest her money into something so unsecure. We are also concerned that they may file for bankruptcy and get out of this debt all together.Sorry this is so long, but if you have any questions please ask, we are very concerned.
Thank you for your time
My Grandmother Passed away almost a year ago. She didn't have much, but she did have some life insurance policys, for around $30,000 (two different ones) and $50,000 left over from selling her house(after all debts were paid off). The last 3-4 years of her life she was "dating" an elder man in her retirement home. In the last year of her life they lived together in the same apt. Any ways, after she got the money she didn't know what to do with it, but she wanted it to incurr intrest so that it would grow, and eventually, it would be left to all of us kids in three parts. One part my mom, second part my Aunt, third part was equally divided between all grand kids, and great grand kids. This was all written in the will she left. My grandmothers boyfriend convinced her to invest in his small family company that his son is running. We ofcourse all felt like this was not a good idea, there buisness was not doing so good, and we didn't think it was safe investment. But grandmother was told that it would be very "liquid" that she could pull it out any time and no problems. They paid her $500 a month in intrest. Well after she passed away in feb 2006, my grandmothers brother has POT. He basically told us that the boyfriend (my g-mas)says that they can't afford to give the full amount of $50,000 out, and he can do a payment of over 10years. My g-mas brother was going to try to work something else out with him, but nothing has happened, and my sis and I want to know what actions can we take if any, and I have heard something about elderly law, that it was illegal for him to have her invest her money into something so unsecure. We are also concerned that they may file for bankruptcy and get out of this debt all together.Sorry this is so long, but if you have any questions please ask, we are very concerned.
Thank you for your time
