Follow
Share

My father is in LTC with alzheimers/dementia after decades of alcohol abuse. My brother and I 'rescued' him from hospital after a drunken fall and he is now safe and sound at Veterans, and has been for 2 1/2 years. When my father passes his money will go equally in 1/3's to me, my brother and his wife if she's still alive. I spent almost a year cleaning up my dad's finances and have been able to reclaim 100's of 1000's of dollars. Even with his medical and housing costs, companion visits and physical therapy appointments, new wheelchair, loads of books, meals and tix to the theatre, he will never spend out all his money. Because of what I have been able to reclaim on my dad's behalf he is 'making' good money monthly. The issue is my brother is on disability and struggling. May I loan or gift him money from my father, knowing he is unlikely to be able to pay it back? If that's a problem, could I 'loan' him the $ against what he is sure to inherit. Thank you!

This question has been closed for answers. Ask a New Question.
No you can't.
While this is a decision your dad MIGHT have made if he were cognizant the fact that he isn't does not allow you to make this decision for him.
Does your brother have contact with dad?
Does he see dad?
If so could your brother be "employed" as a companion or caregiver for dad. Then he could legitimately be paid using dad's funds.
Helpful Answer (0)
Report

Just wondering, why does 1/3 of the inheritance go to his wife. I have never heard of this before.
Helpful Answer (0)
Report

As the POA it is your job to look out for your father and manage his funds correctly. Loaning money to someone does not fall into those parameters. You need to account for every penny that you spend of his money. Loaning or giving away his money is out of the question.
Helpful Answer (0)
Report

You cannot enrich yourself OR OTHERS with your father's money.
You need to see an attorney; take your POA document with you.
You have a legal financial Fiduciary duty to account for the safety of every single penny of your father's money until his death, when he will not need it any longer, and when your duty as POA is over.
I would ask an attorney the questions you are asking strangers as this is something legally you cannot afford to be wrong on.
Helpful Answer (1)
Report

Have you read your PoA document? It usually outlines what authorities are granted to you. Nevertheless, you should consult with an elder law or estate planning attorney.
Helpful Answer (1)
Report

Being POA makes you a legal fiduciary, I, highly recommend, that you seek legal counsel on this question.
Helpful Answer (4)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter