What is the name of your state? Illinois
My friend's mother is elderly, but still lives on her own. My friend is an only child, no children, father deceased. The friend is fully disabled and receives Social Security Disability plus Medicare. (She is mentally ill, but very bright. Her mental illness is severe, but comes and goes. She lives on her own, and receives financial help from her mother.)
The mother has said a power of attorney would be welcome (there was an issue where the mother was very ill, but she's recovered...however, they want to get affairs in order for the future), and would be fine to put the disabled daughter onto her bank accounts to have control if needed at some point.
They do plan on hiring an elder attorney to advise, but were considering going ahead and adding the adult disabled child to the bank accounts just in case. (The daughter is mentally ill, but responsible and would never steal or abuse...she adores her mother)
Would adding the disabled child to her mother's bank account, such as a joint account, cause problems with her social security? It could look to social security like she had more money than she actually did, if they took a joint account ownership to mean the money might be hers.
There are other relatives who could and would be trustworthy persons to be on the account, but the mother really only trusts her child 100 percent. She is hesitant to allow one of her own siblings to be in charge. She wants her daughter. The daughter is fine with allowing one of her aunts or uncles to have control, whatever is best for the situation. (Aunts and uncles are trustworthy, but the mother just really wants the daughter in charge of her affairs.)
Also, how would you set up the estate so it could pass to the disabled daughter without her losing her disability? The estate isn't huge, but would well be enough to cause her to be ineligible. (A house, some investments, etc., probably 100k or so)
One more question (thank you!): worst case scenario, if both mother and adult child were killed together, mother dies first, child inherits, legally, who would be the next of kin and inherit from the child? (No wills, which is another thing needed ASAP) She has family she's close to: many aunts and uncles, cousins, but no children of her own, no full siblings. Father is deceased. She also has step siblings (same father) that she has no contact with. Would the step siblings be the next of kin or the aunts and uncles? She would not want the estate to pass to the half siblings or anyone on her paternal side.
Thank you so much.What is the name of your state? Illinois.
My friend's mother is elderly, but still lives on her own. My friend is an only child, no children, father deceased. The friend is fully disabled and receives Social Security Disability plus Medicare. (She is mentally ill, but very bright. Her mental illness is severe, but comes and goes. She lives on her own, and receives financial help from her mother.)
The mother has said a power of attorney would be welcome (there was an issue where the mother was very ill, but she's recovered...however, they want to get affairs in order for the future), and would be fine to put the disabled daughter onto her bank accounts to have control if needed at some point.
They do plan on hiring an elder attorney to advise, but were considering going ahead and adding the adult disabled child to the bank accounts just in case. (The daughter is mentally ill, but responsible and would never steal or abuse...she adores her mother)
Would adding the disabled child to her mother's bank account, such as a joint account, cause problems with her social security? It could look to social security like she had more money than she actually did, if they took a joint account ownership to mean the money might be hers.
There are other relatives who could and would be trustworthy persons to be on the account, but the mother really only trusts her child 100 percent. She is hesitant to allow one of her own siblings to be in charge. She wants her daughter. The daughter is fine with allowing one of her aunts or uncles to have control, whatever is best for the situation. (Aunts and uncles are trustworthy, but the mother just really wants the daughter in charge of her affairs.)
Also, how would you set up the estate so it could pass to the disabled daughter without her losing her disability? The estate isn't huge, but would well be enough to cause her to be ineligible. (A house, some investments, etc., probably 100k or so)
One more question (thank you!): worst case scenario, if both mother and adult child were killed together, mother dies first, child inherits, legally, who would be the next of kin and inherit from the child? (No wills, which is another thing needed ASAP) She has family she's close to: many aunts and uncles, cousins, but no children of her own, no full siblings. Father is deceased. She also has step siblings (same father) that she has no contact with. Would the step siblings be the next of kin or the aunts and uncles? She would not want the estate to pass to the half siblings or anyone on her paternal side.
Thank you so much.What is the name of your state? Illinois.