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Real Estate
Reply to "Dad getting older.. what to do with his house"
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[quote=sirion2@yahoo.com]OP, ignore the mean people. Estate planning conversations are not off-limits. After my aunt (no spouse, no children) was diagnosed with severe dementia, I was so glad we had her paperwork in order which allowed me to transfer her to assisted living, sell her condo, place the proceeds into an investment account, pay her taxes, become her Social Security Representative Payee, and now cover her monthly expenses from her investment account. I know you are not trying to appropriate his house, you are trying to look out for him. You need a valid Financial Power of Attorney, which is a little bit of a dangerous document because it's valid immediately so he needs to trust you completely. As soon as he signs the POA, you will be able to act as him in most financial and legal capacities. Then, he needs a will drawn up so succession of assets is clear. The idea is to have these items before there are problems, because problems can happen suddenly and it is much easier to deal with things when you've planned for them. Have you ever spoken with your dad about his financial situation? Can he cover his needs? Does he have any other potential inheritors (spouse, children) that you want to coordinate with? I commend you for looking out for him and recommend you start with some conversations and then some research into his current estate planning documents. Good luck![/quote]
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