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Protecting My Father's Assets

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JSiobhan

Junior Member
What is the name of your state? SC My brother has POA for my father who is in early stages of Alzheimer_s residing in an assisted living home. I live in Chicago. On a recent visit and I discovered my brother, Sam, is using my father_s money to support himself and his estranged wife and two sons for the last 6 months while he starts a new job selling insurance. On top of this, relatives and friends contacted me, worried that Sam does not visit or care for my father while he is in the living off his money. Currently I_m struggling to get Sam to buy my father a new hearing aide but Sam reluctant because it cost money. All my father_s assets were transfer in our names so he could receive VA benefits. The stocks were split evenly but the bank account and CDs were put in Sam's name because I was in Chicago. I view the money as still my dad_s for long-term care but my brother sees it differently. He thinks it is his to support his family and pay for his son_s college education. My brother convinced me to place the house up for sale (I wanted to rent it.) but neglected to tell me that he did not ask my father if it was ok. Now my brother wants to buy a business for $450,000 with a loan and possible divorce from his wife. If Sam defaults on the loan, will they take my father_s money. If Sam divorces, will his wife get half the assets? How can I protect my father_s assets so they will be used for dad_s expenses and long term medical care? Possibly trust? Can my brother sell the house if the ownership is in the children_s name but it stipulates my father was life long resident. Does this apply if he is in assisted living? Does the POA trump this? Sam is a CPA and just got out of three tours of duty for the Iraq war (but not in Iraq) so he not a bad guy. He is under financial stress. I do not want my nephews to do without but I am trying to protect my father needs without pulling the family apart.
 
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anteater

Senior Member
Well, this started out as another "POA breaching fiduciary duties" question....
My brother has POA for my father who is in early stages of Alzheimer_s residing in an assisted living home... On a recent visit and I discovered my brother, Sam, is using my father_s money to support himself and his estranged wife and two sons for the last 6 months while he starts a new job selling insurance.
But then...
All my father_s assets were transfer in our names so he could receive VA benefits.... Can my brother sell the house if the ownership is in the children_s name but it stipulates my father was life long resident.
You, your brother, and your father did not consult with an estate planning attorney before you did all this, did you? (I'll bet your father did not file a gift tax return either, did he?) Better find an attorney now to figure out where everything stands. From what you posted, the assets are not your father's any longer.
 

lwpat

Senior Member
The money is now Sam's to do with as he wishes. Greed will trump morality almost every time. They cannot sell the house since there is a life estate. Possibly Sam may be willing to purchase the life estate so the house can be sold. You will need to check on the effect this may have on the VA benefits.
 

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