Posting for advice....
I'm going to attempt to help my FIL, with his consent and cooperation.
He lives in Pennsylvania, aged mid-70s. He is single (longtime divorced), has filed for bankruptcy several times throughout his life (none in the past 7 years though, I don't think). He lived with his sibling, contributing to household expenses, and now that sibling has died. He has since moved into a 1BR apt. The sibling who died left him half their assets, which will be the sale of the house they lived in together, and that's why he moved into the 1BR. Estimated total inheritance after sale of house is $50k. House is empty but hasn't even been put up for sale yet, so this money is not expected anytime soon (the house sale is all being managed by an unrelated executor/friend of the deceased sibling).
I recently got a phone call asking for a small amount of money ($100) to help pay for groceries, which was paid back a few days later. Then 3 weeks later a request for a loan to help pay rent ($500). The second request prompted discussion that that we need to get a handle on how to manage his finances so that he isn't at risk of losing his housing and doesn't have to ask for money (he says he feels bad to need to ask).
He claims that he has no credit cards but "hasn't been paying his bills" of which he somewhow owes $8k. He asked the lawyer dealing with his siblings estate if he should file bankruptcy again, which they told him no. I assume this is because you can't file bankruptcy if you're expecting an inheritance?
We're going for a sit down meeting with FIL to see what we can do to stabilize his situation. He says he wants to "give us the money" when he inherits to protect himself from spending it frivolously.
ORGANIZE BUDGET:
-get a list of accounts: 1) bank account, 2) is there a TSP? (he is a retired government employee)
-what is income: 1) government pension, 2) social security
-what are the recurring bills (rent, car insurance, phone, water, electric, Medicare) and whafrivolous.
-see if anything of thr "$8k debt" can be negotiated down.
FRAUD PREVENTION:
-lock credit reports
-setup online SS account if needed
-are tax returns up to date?
SUPPORT:
-SNAP if gross income turns out to be <$2510
ESTATE PLANNING:
-set up TOD designation on bank account
-get copy of the will/see if an executor is specified
-medical power of attorney?
-DPOA?
Anything else I'm missing?
I'm going to attempt to help my FIL, with his consent and cooperation.
He lives in Pennsylvania, aged mid-70s. He is single (longtime divorced), has filed for bankruptcy several times throughout his life (none in the past 7 years though, I don't think). He lived with his sibling, contributing to household expenses, and now that sibling has died. He has since moved into a 1BR apt. The sibling who died left him half their assets, which will be the sale of the house they lived in together, and that's why he moved into the 1BR. Estimated total inheritance after sale of house is $50k. House is empty but hasn't even been put up for sale yet, so this money is not expected anytime soon (the house sale is all being managed by an unrelated executor/friend of the deceased sibling).
I recently got a phone call asking for a small amount of money ($100) to help pay for groceries, which was paid back a few days later. Then 3 weeks later a request for a loan to help pay rent ($500). The second request prompted discussion that that we need to get a handle on how to manage his finances so that he isn't at risk of losing his housing and doesn't have to ask for money (he says he feels bad to need to ask).
He claims that he has no credit cards but "hasn't been paying his bills" of which he somewhow owes $8k. He asked the lawyer dealing with his siblings estate if he should file bankruptcy again, which they told him no. I assume this is because you can't file bankruptcy if you're expecting an inheritance?
We're going for a sit down meeting with FIL to see what we can do to stabilize his situation. He says he wants to "give us the money" when he inherits to protect himself from spending it frivolously.
ORGANIZE BUDGET:
-get a list of accounts: 1) bank account, 2) is there a TSP? (he is a retired government employee)
-what is income: 1) government pension, 2) social security
-what are the recurring bills (rent, car insurance, phone, water, electric, Medicare) and whafrivolous.
-see if anything of thr "$8k debt" can be negotiated down.
FRAUD PREVENTION:
-lock credit reports
-setup online SS account if needed
-are tax returns up to date?
SUPPORT:
-SNAP if gross income turns out to be <$2510
ESTATE PLANNING:
-set up TOD designation on bank account
-get copy of the will/see if an executor is specified
-medical power of attorney?
-DPOA?
Anything else I'm missing?
Statistics: Posted by ishkadetto — Sat Nov 23, 2024 9:47 pm — Replies 2 — Views 316