finnime
Junior Associate
Be kind. Everyone you meet is fighting a great battle.
Joined: Dec 23, 2010 7:14:35 GMT -5
Posts: 7,417
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Post by finnime on Aug 4, 2021 7:28:06 GMT -5
I'd trust my DH, brothers and sister, and 2 long-time very close friends; parents are no longer living. Otherwise, no.
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buystoys
Junior Associate
Joined: Mar 30, 2012 4:58:12 GMT -5
Posts: 5,650
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Post by buystoys on Aug 4, 2021 7:50:22 GMT -5
Isn't the SM the one who has the problem children? If so, I wouldn't do it.
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swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,310
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Post by swamp on Aug 4, 2021 10:19:14 GMT -5
Nope nope nope and hell no
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Post by The Walk of the Penguin Mich on Aug 4, 2021 11:41:06 GMT -5
Isn't the SM the one who has the problem children? If so, I wouldn't do it. Yep. 2 of the problem children have died, but 2 grandkids now took their place. I remember posting waaaay back when that ultimately I felt like helping out such a wonderful woman who treated my dad so well was ultimately going to be on my dime. Not because my dad left her destitute, but because she diverted so much money to clean up her kid’s messes. Dad left her setting well, but not well enough to send thousands of $$ to her kids on a regular basis. Even now, with the income she has coming in regularly, it is more than I was supporting myself upon when I was working and I still had working expenses, housing and healthcare. She has none of those.
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engineerdoe
Established Member
Joined: May 22, 2013 17:10:26 GMT -5
Posts: 497
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Post by engineerdoe on Aug 4, 2021 11:52:00 GMT -5
Isn't the SM the one who has the problem children? If so, I wouldn't do it. Yep. 2 of the problem children have died, but 2 grandkids now took their place. I remember posting waaaay back when that ultimately I felt like helping out such a wonderful woman who treated my dad so well was ultimately going to be on my dime. Not because my dad left her destitute, but because she diverted so much money to clean up her kid’s messes. Dad left her setting well, but not well enough to send thousands of $$ to her kids on a regular basis. Even now, with the income she has coming in regularly, it is more than I was supporting myself upon when I was working and I still had working expenses, housing and healthcare. She has none of those. I just can't wrap my head around the fact that she is willing to give up free housing as a single person. Is one of her grandkids taking her in?
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NomoreDramaQ1015
Community Leader
Joined: Dec 20, 2010 14:26:32 GMT -5
Posts: 47,235
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Post by NomoreDramaQ1015 on Aug 4, 2021 11:59:56 GMT -5
I wouldn't be the least bit shocked if you did what the lawyer said and she turn arounds to give the money to her grandkids. An "emergency" would likely pop up between the sale and distributing it to you.
It sounds like the plotline of some Lifetime movie. Sorry your dad got and followed through with bad advice. Even with having to pay taxes the bright side is this albatross will be gone from around your neck.
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souldoubt
Senior Member
Joined: Jan 4, 2011 11:57:14 GMT -5
Posts: 2,745
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Post by souldoubt on Aug 4, 2021 13:57:15 GMT -5
So your dad left her in a place financially where she could conceivably support herself for the rest of her life and she uses that to support her grown dependents. If you do it you'll have to treat it like a personal loan where you're willing to write it off if it doesn't work out. For me this wouldn't even be something to think about unless I really didn't want anything from the house or if I didn't want to have to deal with any headaches that arise from it. So I'm going with swamp's response.
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lund
Familiar Member
Joined: Jul 22, 2015 7:12:22 GMT -5
Posts: 787
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Post by lund on Aug 24, 2021 11:22:45 GMT -5
No way! (Is this accountant person her cousin or something??)
First, if it may be seen as tax evasion, you'd be on the losing side. Second, her family will hear about it, and she probably will gift the money to her "needing" family whose "needs" will explode the second they hear about the money "available", and it will be gone before the ink is dry on the sales papers. Third, her family would probably not honor any financial obligations of hers, including making payments on a debt to you. (Imagine if she became demented and they took over her finances?) Fourth, if she needs a nursing home or financial spend-down, you would probably be out the money. Fifth, even without a spend-down or nursing home, she is likely to die without any assets to reclaim the money from.
I think it would be very unwise to be in any way financially entangled with this lady.
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Deleted
Joined: Apr 26, 2024 22:17:52 GMT -5
Posts: 0
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Post by Deleted on Aug 25, 2021 10:27:31 GMT -5
I read a lot of the financial advice posts from msn.com. 99% of them are about inherited houses, jointly-owned houses, etc. They frequently involve irresponsible adult dependents.
Get out as easily and cleanly as you can and don't rely on future promises.
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Post by The Walk of the Penguin Mich on Aug 25, 2021 11:35:03 GMT -5
No way! (Is this accountant person her cousin or something??) First, if it may be seen as tax evasion, you'd be on the losing side. Second, her family will hear about it, and she probably will gift the money to her "needing" family whose "needs" will explode the second they hear about the money "available", and it will be gone before the ink is dry on the sales papers. Third, her family would probably not honor any financial obligations of hers, including making payments on a debt to you. (Imagine if she became demented and they took over her finances?) Fourth, if she needs a nursing home or financial spend-down, you would probably be out the money. Fifth, even without a spend-down or nursing home, she is likely to die without any assets to reclaim the money from. I think it would be very unwise to be in any way financially entangled with this lady. No, the accountant is our accountant, he wasn’t advocating doing this but throwing it out on the table as an option. I shot it down immediately, but it did make me think. At this point, the house has been sold (I think). I had to sign another batch of papers acknowledging the inspection contingency. No idea when closing is though. I should call as we are leaving the country next week.
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