So my dad has been in a mental health facility and they are looking for assisted living. At the same time , I am trying to gather his tax info. I was ASTONISHED to see that he owed so much last year even though he was retired! After digging deeper, I see he has a 1099 for his social security benefits and another 1099 from an insurance company he worked for for many years. This is residual income to the amount of $23,000!!!! There are no electronic payments to his 2 checking accounts. No paper checks in the mail. I have been in charge of his accounts since February 23rd. There is NOTHING coming to him!!! Where could this money possibly be???? I see him tomorrow but I'm sure he will have no answer or lie to me like he always does.
I do NOT have POA. The lawyer said he has to be present for him to ask questions to make sure it's what he wants. The truth is, I'm going to be at the end of the line if I don't get POA or at least find out where all this money is!!!! Any ideas where this money may be going every month? Looks to me like he should be getting a monthly electronic deposit on money he is having to pay taxes on.
I have a savings account with an insurance Co that I don't touch. I have 60k in this acct and receive 3k in interest. I never see the interest but I get a 1099 every year and have to pay taxes on it. Could this be your Dad? Does he have some type of investment thru his former firm that the money keeps rolling over but he chose to pay taxes upfront.
I would try to call the insurance company. Tell them the situation and see if they can at least give you some information. Look to see if you can find some information on shares or stock in the company. Either letters or actual paper shares or stock. Some stock is paperless now. Maybe Dad makes money and that money is used to by more shares but your Dad has to pay taxes on the money made. The 23k could be after fees are taken out, that would be residual? I am just brain storming here. Really not sure what I am talking about but it just popped into my head.😊
If you can't get POA ask a lawyer about conservatorship to handle Dads money.
I think it may be time to walk away and let the folks at the facility sort this.
Dad is mentally Ill and unable to allow you to help, as much as you want to. Sadly there are parents who do much better with professionals in charge. They come without the emotional baggage of children who love them and get wounded by deceit.
Myself and others will be reading your posts.
And YES! I agree....I have no idea if he will stay at this facility. I just don't know what to do! That is a lot of money and without it, he can't go to this facility anyway and UNFORTUNATELY, he will not qualify for Medicaid because his income is way too high according to his 1099. So it's a catch 22. This has to be most frustrating thing I have ever given be through.
i made another posting about my dad a week or so ago... check that out.
Thanks for responding!
Do you think that your Dad will even STAY in AL once he is admitted there, or will he leave the AL during one of his manic episodes?