P
PAWilson
Guest
From Pennsylvania. I have a question about life insurance for my Father-in-law.
A couple years ago, he went to the hospital for a test, and the test caused complications that he nearly died from. Before he went in for the test though, he gave my wife POA. She also has a half sister on her mothers side. Her father's atty. advised my wife to take at least half of his money and put into an account elsewhere so the nursing home couldn't touch it ( I've heard this isn't entirely legal). When my wifes sister found out about the withdrawal, she demanded the other half. They have financial troubles and she actually used about $15,000.oo to pay some bills. OK, now the point of my question....My Father-in-law doesn't have a whole lot of money left and in the event he dies he still has many unpaid bills for his nursing home and that of his departed wife. Can we get life insurance for him and pay the premiums ourselves, naming my wife as beneficiary and leaving her crooked sister out of the picture? If we have to, we can talk to him about getting it and us paying for it, but I don't believe he fully understands or even cares about the bills he isn't paying. We don't want the half sister to know about this because they are irresponsible with money and would certainly try to get "their cut" of it.
And by the way, the money my wife withdrew went into a Fidelity acct. and has been earning interest ever since. At least she isn't irresponsible. Ok, thanks for any information you can pass along.
Wilson
A couple years ago, he went to the hospital for a test, and the test caused complications that he nearly died from. Before he went in for the test though, he gave my wife POA. She also has a half sister on her mothers side. Her father's atty. advised my wife to take at least half of his money and put into an account elsewhere so the nursing home couldn't touch it ( I've heard this isn't entirely legal). When my wifes sister found out about the withdrawal, she demanded the other half. They have financial troubles and she actually used about $15,000.oo to pay some bills. OK, now the point of my question....My Father-in-law doesn't have a whole lot of money left and in the event he dies he still has many unpaid bills for his nursing home and that of his departed wife. Can we get life insurance for him and pay the premiums ourselves, naming my wife as beneficiary and leaving her crooked sister out of the picture? If we have to, we can talk to him about getting it and us paying for it, but I don't believe he fully understands or even cares about the bills he isn't paying. We don't want the half sister to know about this because they are irresponsible with money and would certainly try to get "their cut" of it.
And by the way, the money my wife withdrew went into a Fidelity acct. and has been earning interest ever since. At least she isn't irresponsible. Ok, thanks for any information you can pass along.
Wilson