Can my friend give me a gift?

[Steve10]

What is the name of your state?
My friend lives in a group home. He always wanted to give me some of his fathers stocks. Can he make legal decisions to do so? Both his parents are deceased and he has no children. Assets left are stocks, bonds, funds, bank accounts, etc. Currently they are held in the State's UNCLAIMED PROPERTY.

 

[Just Blue]

What is the name of your state?New York

My friend lives in a group home. He always wanted to give me some of his fathers stocks. Can he make legal decisions to do so? Both his parents are deceased and he has no children. Assets left are stocks, bonds, funds, bank accounts, etc. Currently they are held in the State's UNCLAIMED PROPERTY.

What type of Group Home does he live in?

 

[Zigner]

What is the name of your state?New York

My friend lives in a group home. He always wanted to give me some of his fathers stocks. Can he make legal decisions to do so? Both his parents are deceased and he has no children. Assets left are stocks, bonds, funds, bank accounts, etc. Currently they are held in the State's UNCLAIMED PROPERTY.

Your friend is going to need to actually get the stocks first. Until that happens, your friend doesn't own them.

 

[HRZ]

Yes he can claim the property and once they are HIs he can gift them to you...other posts here strongly suggest that he back up the gift IN WRITING so there is no future doubt that it might have been a "loan."

CAUTION...you didn't mention the type of home and if his presence is means tested...that might add a big wrinkle .

 

[xylene]

If the stocks have been escheated (claimed by the state as abandoned property) there is a near certainty that there are no stocks to claim, only their liquidated value at the time of escheatment.

 

[adjusterjack]

Yes he can claim the property and once they are HIs he can gift them to you...other posts here strongly suggest that he back up the gift IN WRITING so there is no future doubt that it might have been a "loan."

CAUTION...you didn't mention the type of home and if his presence is means tested...that might add a big wrinkle .

And if he's in a dementia care facility that's yet another wrinkle.

 

[justalayman]

People often refer to the places people who must have a guardian or conservator as group homes. If he has a guardian or conservator, then no, he can’t claim the assets and gift them to you.

Given the fact he lives in a group home, are you sure he isn’t just telling you tales?


Or by chance is this somebody you befriended after finding out about the state holding assets he is possibly due?


Regardless, they are not his. They are his fathers estates property. Depending on all the facts, he, or some other party, may have to probate his fathers estate in order to be able to claim the assets (and possibly his mothers estate as well) . If his fathers estate has been through probate, it may require the personal representative/admimstrator/executor to claim the assets.

If the estate has not been probated, for all anybody knows, every penny may be due to some creditor of his father.

 

[Steve10]

And if he's in a dementia care facility that's yet another wrinkle.

He lives in a private home with the owner being a woman who cares for 5 or 6 men to my knowledge

 

[Steve10]

People often refer to the places people who must have a guardian or conservator as group homes. If he has a guardian or conservator, then no, he can’t claim the assets and gift them to you.

Given the fact he lives in a group home, are you sure he isn’t just telling you tales?


Or by chance is this somebody you befriended after finding out about the state holding assets he is possibly due?


Regardless, they are not his. They are his fathers estates property. Depending on all the facts, he, or some other party, may have to probate his fathers estate in order to be able to claim the assets (and possibly his mothers estate as well) . If his fathers estate has been through probate, it may require the personal representative/admimstrator/executor to claim the assets.

If the estate has not been probated, for all anybody knows, every penny may be due to some creditor of his father.

I knew him since 1988, I was his only friend since. I helped his mother out when she was ill, I helped him when his former guardian was useless in keep ing his crackhead sister from stealing his SSI check money. I fed him, I drove him to stores, and hung out with him for many years. I fixed his car for him many times. His mother said to me once since I cleaned their house gutters without asking "Some day I will have a chance to really than you" Not too long after she died of Liver disease. While he lived alone in the house, I helped him get spending money from the bank account his father had so he could live. The guardian was no help. I helped him more than that fool.

 

[Just Blue]

He lives in a private home with the owner being a woman who cares for 5 or 6 men to my knowledge

WHY does he live in a home?

 

[HRZ]

Absent his sorting out his fathers estate and gaining possession /recovery of the unclaimed property as Dads heir he has NOTHING he can gift you in any practical sense . HE can hire counsel to do the work

 

[Steve10]

WHY does he live in a home?

Because he needs supervision. He used to work, drive, was married. But he needed medication and someone to prioritize life in general. He needed organization only. Yet he did everything else himself.

 

[FlyingRon]

Chances are he needs to be very careful. First, as hinted at above, he may not be legally competent to make such gifts.
Second, making such gifts may DISQUALIFY HIM for the services he is currently receiving. He needs not to make such things lightly.

 

[Zigner]

Because he needs supervision. He used to work, drive, was married. But he needed medication and someone to prioritize life in general. He needed organization only. Yet he did everything else himself.

What is the underlying reason for this? I know of people who are disorganized and, in my opinion, have the wrong priorities in life and they used to work, drive, and have long-term relationships while needing to take medication. Those people are not in homes...

 

[Just Blue]

Because he needs supervision. He used to work, drive, was married. But he needed medication and someone to prioritize life in general. He needed organization only. Yet he did everything else himself.

Did you meet this friend while working at the home in some capacity? How long have you known him?