Reply to Father wants to gift me money

Forum Index » Money and Finances

Reply to "Father wants to gift me money "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]But from OP's post, it sounds like the father is worried about something happening to them so the account is really there in case money is needed quickly, not to help OP because they aren't supposed to touch it. I don't think this is scamming, just worry about assets being locked up in case something should happen, maybe?

Easiest would be to do a joint account, but I don't know about the implications of that for OP -- like if they have that account do they have to disclose that for financial aid or something?

But the reason why I said estate planning is that he is 78. Ideally the father should sit down with OP and discuss all their assets, accounts, life insurance, etc. plus share estate planning docs and discuss their wishes. They could set up a POA that could be springing as that would let their child help with ALL their finances/healthcare decisions not just this random account. [/quote]

If it’s a joint account and the father passes, the bank freezes the account. Happened to us when my dad died. That account was joint with my sister who lived with him and it was where all the automatic payments for household bills came from.  It was an issue for us.  Like I said upthread, in a trusting family, this isn’t a big deal and can be helpful moving forward.  [/quote]

This is not true. I had a joint account with my dad and had no issues accessing the money at any point after his passing. The joint owner is the automatic beneficiary of the account contents. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics