What is the name of your state (only U.S. law)? CA
My mom is dying and we are unprepared for the financial stuff.
Basically I think the way things are set up, my brother and I will inherit $50K cash each. Possibly the money in her checking accounts. And some of her belongings, which will remain in the house until her husband dies. I believe his daughter will inherit the vast majority of their estate, because that is how her father has set it up.
We have an appt in 3 business days with a lawyer to set up a family trust.
I'm not sure how much my mother will be able to particiapte;at times she is clearly capable of making decisions, but at other times her pain medicaiton makes her incapable.
I just want to be sure that my brother and I are not being foolish.
(Iknow, seek legal advice but not sure I can accomplish that in the 2 business days we have before this meeting, which I found out about last night (friday night). the meeting is this Wednesday.
Mom has been married to her elderly husband (not our father) for 35 years.
He will probably outlive my mom, although his health is pretty brittle also.
Three surviving children--myself and my brother, and also my step sister (mom's -husband's -daughter).
There are wills. My mom leaves things to her husband, then the 3 of us equally. She has left my brother and myself CDs (I believe payable upon death?) of $50K each,and a similar CD $10k to our stepsister. Her husband has kept everything in his name only, payable on death to his daughter.
(whom he has deemed trustworthy to provide for our mother, if he precedes her death).
Better late than never, I got the ball rolling last week. We all went in to open the safe deposit box at the bank. There is a sizable amount of money and belongings( in the form of ?treasury notes? , coin collections etc) in a bank safe deposit box. That box had only his and his daughter's name listed, ie, only they could access the box (not even my mom). There are some diamonds that have both my sister's and my names typed on the packets, some financial paperwork with my mom's name. We had my name added to the safe deposit box (which he tired to protest). That day at the bank he may have transferred the certificates or whatever into my step sisters name. I'm npt sure what all occurred.
Just recently my mother added me as joint owner to her bank accounts, which have been kept seperate from her husband. (her best friend was present to witness these transactions). We did that because we had no idea of any financial arrangements for their deaths, and did not want her accounts to go into probate. I notified both my sibilings about this, as well as initiating the first appointment with them jointly at their bank to inquire about the accounts and stuff.
Mom's checking accounts between both banks total around $40K. She is also sole owner of a MM IRA for $10K and is joint with her husband on an annuity thats about $40k.
So we are going to this lawyer. I am thinking that my stepfather will set up the trust to leave most everything to my step sister? And that my mom pretty much doesn't have any say in the matter? (if she will even be able to make decisions the day we are there).
What happens to the checking accounts i now own jointly with my mom?
(I have told both my brother and my ssister about this--the point was to make sure the money didn't go thru probate.)
I don't think her husband will claim ownership to her checking accounts; but I'm not 100% sure. His mental acuity is diminished, I don't know if he will even inquire about them. I know he won't contest my mom's decision to add me on to the accounts, I just don't know what his rights are to that money when she dies.
Am I right that my brother and I pretty much stand to inherit the money my monm left us in CDs, and maybe the money in her checking? And not much else?What is the name of your state (only U.S. law)?
My mom is dying and we are unprepared for the financial stuff.
Basically I think the way things are set up, my brother and I will inherit $50K cash each. Possibly the money in her checking accounts. And some of her belongings, which will remain in the house until her husband dies. I believe his daughter will inherit the vast majority of their estate, because that is how her father has set it up.
We have an appt in 3 business days with a lawyer to set up a family trust.
I'm not sure how much my mother will be able to particiapte;at times she is clearly capable of making decisions, but at other times her pain medicaiton makes her incapable.
I just want to be sure that my brother and I are not being foolish.
(Iknow, seek legal advice but not sure I can accomplish that in the 2 business days we have before this meeting, which I found out about last night (friday night). the meeting is this Wednesday.
Mom has been married to her elderly husband (not our father) for 35 years.
He will probably outlive my mom, although his health is pretty brittle also.
Three surviving children--myself and my brother, and also my step sister (mom's -husband's -daughter).
There are wills. My mom leaves things to her husband, then the 3 of us equally. She has left my brother and myself CDs (I believe payable upon death?) of $50K each,and a similar CD $10k to our stepsister. Her husband has kept everything in his name only, payable on death to his daughter.
(whom he has deemed trustworthy to provide for our mother, if he precedes her death).
Better late than never, I got the ball rolling last week. We all went in to open the safe deposit box at the bank. There is a sizable amount of money and belongings( in the form of ?treasury notes? , coin collections etc) in a bank safe deposit box. That box had only his and his daughter's name listed, ie, only they could access the box (not even my mom). There are some diamonds that have both my sister's and my names typed on the packets, some financial paperwork with my mom's name. We had my name added to the safe deposit box (which he tired to protest). That day at the bank he may have transferred the certificates or whatever into my step sisters name. I'm npt sure what all occurred.
Just recently my mother added me as joint owner to her bank accounts, which have been kept seperate from her husband. (her best friend was present to witness these transactions). We did that because we had no idea of any financial arrangements for their deaths, and did not want her accounts to go into probate. I notified both my sibilings about this, as well as initiating the first appointment with them jointly at their bank to inquire about the accounts and stuff.
Mom's checking accounts between both banks total around $40K. She is also sole owner of a MM IRA for $10K and is joint with her husband on an annuity thats about $40k.
So we are going to this lawyer. I am thinking that my stepfather will set up the trust to leave most everything to my step sister? And that my mom pretty much doesn't have any say in the matter? (if she will even be able to make decisions the day we are there).
What happens to the checking accounts i now own jointly with my mom?
(I have told both my brother and my ssister about this--the point was to make sure the money didn't go thru probate.)
I don't think her husband will claim ownership to her checking accounts; but I'm not 100% sure. His mental acuity is diminished, I don't know if he will even inquire about them. I know he won't contest my mom's decision to add me on to the accounts, I just don't know what his rights are to that money when she dies.
Am I right that my brother and I pretty much stand to inherit the money my monm left us in CDs, and maybe the money in her checking? And not much else?What is the name of your state (only U.S. law)?