What is the name of your state (only U.S. law)? Tennessee
This elderly man wants to leave me his house and everything he owns. I am 18 and I have been helping him for a year now. I have been seeing him multiple times a week to help him. He is 84 years old, we are going to talk to the lawyer this week and I am wondering what all needs to be set up. He wants nothing other than to see that it ALL gets to me, he would hate for the government to tax his assets. Is there anyway of him putting it into his last will and testament to make sure it doesn't get taxed or to the least amount possible? Also, I am pretty sure it needs to be set up that I am his Power of Attorney. In this case, this has to be to where I can help make financial decisions when/if he becomes unable to do so. If I am his Power of Attorney could I make his financial decisions such as selling stocks, withdrawing from them and withdrawing from his bank accounts if we came in the need of money for bills? I am guessing this is the Durable Power of Attorney, but would this last until he passes and will I be able to make his medical decisions? I know this is a big responsibility for me or anyone in general. I am not going to screw him out of money, we have not known each other for a long time, but he has no other family that lives around here. He does not have that many close friends that would be able to look after him to the extent I would. I am pretty sure this is everything that I need to know, if you have any extra advice please feel free to add onto this, please make it as simple as possible to what I need to do to have this set up. I am not in any way trying to take advantage of this. I just want his last wishes to come true before he gets to a state of mind where he can’t change this, so it needs to be right the first time around.
OVERVIEW:
1. What needs to be done to have an indisputable last will for no one to be able to question it? (answered)
2. What else should we have done to not have this messed with or questioned? For his will, having it indisputable would this make sure that whatever he writes on it lastly would be the final word and can't be changed by other people (possibly relatives in other states who want to dispute it)?
3. Is there a way of me inheriting his stuff while being able to avoid this inheritance tax (it will be an overall sum of 400-700 thousand)?
4. I understand if he has to go to a nursing home the nursing home takes his house and sells it for their profit. If the title of the house has my name on it or JUST my name on it would this stop this from happening?)
5. Name the steps in order that has to be done to have everything I am talking about to be set up and to be completely secure from anything else happening than what this man is wanting to happen.
6. If I am his Durable Power of Attorney could I make his financial decisions such as selling stocks, withdrawing from them and withdrawing from his bank accounts if we came in the need of money for bills?
7. Would I be able to make his medical decisions as the Durable Power of Attorney and would this stay as such until he passes?
8. I am not sure on his outlook on life; he keeps telling me “he does not want to go into a nursing home.” I don’t know what he is going to do, but by the sound of it he is willing to do ANYTHING to not go into the nursing home. If I am unaware that he is going to do this, which I am completely unaware, I am not sure what he is going to do. Is there anyway I can get in trouble if it comes down to him doing something to himself to stop him from going to the nursing home (suicide)? (THIS IS NOT A FACT, HE HAS JUST SAID IT AND I WANT TO KNOW EVERYTHING ABOUT THIS)
9. If it comes down to him me getting his home, stocks, money, car and etc. and this is taxed how much would this be in the state of Tennessee? (My estimate of assets would be: $400,000-$700,000.)
(Personal background of this situation to an extent)
I understand I am asking a lot in this instance, I just want to have knowledge of what has to be done when we meet with his lawyer and what we are looking at. I am not taking any advantage of him, nor did I suggest this. He sees that I am in a hard financial time and wants to help me out. He does not know any of his family and he has already donated to his few friends he has. He has told me many times of how much I mean to him and he would die peacefully knowing that he completely changed my life and made a huge impact in my life. He has cried a couple times saying this; it seems as if he did not have a lot of friends growing up and when he went into the navy and left the few friends he had without having contacts with them, he somewhat didn’t have any friends. Now he is at the age of where he needs someone to be around because he has been lonely his whole life and he is the last of his family, his other relatives are his distant relatives and he barely knows nor visits. This man means the world to me, although we have only known each other for a little over a year. I am all he really has family/friend wise and he wants to make sure my life is good in the future and that he will make a good huge impact before he passes.
Please help with all of my questions. To allow this to be set up as soon as possible because meeting with a lawyer in person is a hard thing to do especially when they are booked for months in advance. When it comes down to us talking to him, I can know what needs to be done to make sure he gets what he wants in a somewhat legal context and we can get straight to the points. I thank you so much! From the bottom of a confused 18 year old’s heart!
This elderly man wants to leave me his house and everything he owns. I am 18 and I have been helping him for a year now. I have been seeing him multiple times a week to help him. He is 84 years old, we are going to talk to the lawyer this week and I am wondering what all needs to be set up. He wants nothing other than to see that it ALL gets to me, he would hate for the government to tax his assets. Is there anyway of him putting it into his last will and testament to make sure it doesn't get taxed or to the least amount possible? Also, I am pretty sure it needs to be set up that I am his Power of Attorney. In this case, this has to be to where I can help make financial decisions when/if he becomes unable to do so. If I am his Power of Attorney could I make his financial decisions such as selling stocks, withdrawing from them and withdrawing from his bank accounts if we came in the need of money for bills? I am guessing this is the Durable Power of Attorney, but would this last until he passes and will I be able to make his medical decisions? I know this is a big responsibility for me or anyone in general. I am not going to screw him out of money, we have not known each other for a long time, but he has no other family that lives around here. He does not have that many close friends that would be able to look after him to the extent I would. I am pretty sure this is everything that I need to know, if you have any extra advice please feel free to add onto this, please make it as simple as possible to what I need to do to have this set up. I am not in any way trying to take advantage of this. I just want his last wishes to come true before he gets to a state of mind where he can’t change this, so it needs to be right the first time around.
OVERVIEW:
1. What needs to be done to have an indisputable last will for no one to be able to question it? (answered)
2. What else should we have done to not have this messed with or questioned? For his will, having it indisputable would this make sure that whatever he writes on it lastly would be the final word and can't be changed by other people (possibly relatives in other states who want to dispute it)?
3. Is there a way of me inheriting his stuff while being able to avoid this inheritance tax (it will be an overall sum of 400-700 thousand)?
4. I understand if he has to go to a nursing home the nursing home takes his house and sells it for their profit. If the title of the house has my name on it or JUST my name on it would this stop this from happening?)
5. Name the steps in order that has to be done to have everything I am talking about to be set up and to be completely secure from anything else happening than what this man is wanting to happen.
6. If I am his Durable Power of Attorney could I make his financial decisions such as selling stocks, withdrawing from them and withdrawing from his bank accounts if we came in the need of money for bills?
7. Would I be able to make his medical decisions as the Durable Power of Attorney and would this stay as such until he passes?
8. I am not sure on his outlook on life; he keeps telling me “he does not want to go into a nursing home.” I don’t know what he is going to do, but by the sound of it he is willing to do ANYTHING to not go into the nursing home. If I am unaware that he is going to do this, which I am completely unaware, I am not sure what he is going to do. Is there anyway I can get in trouble if it comes down to him doing something to himself to stop him from going to the nursing home (suicide)? (THIS IS NOT A FACT, HE HAS JUST SAID IT AND I WANT TO KNOW EVERYTHING ABOUT THIS)
9. If it comes down to him me getting his home, stocks, money, car and etc. and this is taxed how much would this be in the state of Tennessee? (My estimate of assets would be: $400,000-$700,000.)
(Personal background of this situation to an extent)
I understand I am asking a lot in this instance, I just want to have knowledge of what has to be done when we meet with his lawyer and what we are looking at. I am not taking any advantage of him, nor did I suggest this. He sees that I am in a hard financial time and wants to help me out. He does not know any of his family and he has already donated to his few friends he has. He has told me many times of how much I mean to him and he would die peacefully knowing that he completely changed my life and made a huge impact in my life. He has cried a couple times saying this; it seems as if he did not have a lot of friends growing up and when he went into the navy and left the few friends he had without having contacts with them, he somewhat didn’t have any friends. Now he is at the age of where he needs someone to be around because he has been lonely his whole life and he is the last of his family, his other relatives are his distant relatives and he barely knows nor visits. This man means the world to me, although we have only known each other for a little over a year. I am all he really has family/friend wise and he wants to make sure my life is good in the future and that he will make a good huge impact before he passes.
Please help with all of my questions. To allow this to be set up as soon as possible because meeting with a lawyer in person is a hard thing to do especially when they are booked for months in advance. When it comes down to us talking to him, I can know what needs to be done to make sure he gets what he wants in a somewhat legal context and we can get straight to the points. I thank you so much! From the bottom of a confused 18 year old’s heart!
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I still need help with the rest of these.