My brother, POA for my dad, will not sell dad's assets to cover his care costs. He expects me to pony up. Any advice?
The background. Dad is a hoarder and has always spent beyond his means to facilitate the hoarding. But over the years he has bought property and gold and silver, so he has assets.
But he also has a long history of not paying property taxes.
So now POA brother received a demand notice for outstanding property taxes, well over $5000 that Dad owes on a property that is in a trust and he is the trustee. He has earned income from the trust for the last 40 years.
Somehow I am expected to pay 1/2 the back taxes, penalties and interest.
To add to the situation, my bother plans to buy one of Dad's properties from him for far less than FMV. If the property was sold on the market it would bring in $500,000. More than enough to pay off Dad's debts and cover his care costs. No Look Back in Canada.
If the back taxes are not paid, the property will be seized by the province. I am one of the remaindermen of the trust. It is a million + dollar property, but after spending over $30,000 replacing the septic field, I do not magically have more money for the taxes.
I am a financial planner by profession, but according to my Dad and brother I know nothing at all about how money works.
So frustrated.
I may be going to talk to a lawyer next.
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A lot of times, as a family member, we are not HEARD even though we have the knowledge and skills to handle the situation at hand.
My SIL and DIL are both Drs. They almost never weigh in on health issues within the family b/c it's bad enough their PATIENTS don't listen to them! Why drag family into the mess.
I can't see why your brother thinks you're to go-to on this. But, I have family and we agree on almost nothing.
Yep--lawyer up!
As far as all this goes, as a financial manager, would you EVER advise someone to pay for their parents' care? Because what will happen to those good-hearted people when they themselves need care? As a financial manager you understand that it will take on average a LIFETIME of savings to support us in age so that we are not dependent on our children or on the state.
You know the answers here. You should have APS investigate any brother who is as POA selling himself a property for less than market value.
You should not be using your own monies to support your Father. He is dependent on the funds provided to everyone when he no longer has funds; that happens to everyone who doesn't have children. It isn't at all unusual.
I would bow straight out of this were it me. Your father chose this brother as his POA. That may be a costly mistake for him, but he isn't wanting to listen to you. Get on with your life, and leave your bro and Dad be unless it is to visit and discuss football.