Aging, ailing mother has come into small fortune - family fight possible
Hello,
I have been asked by my 66 yr old Mother to help her manage some funds (~25K) that she recently came into possession of. For the last several years she has lived with a brother and sister of mine in relatively poor circumstances. She has suffered some health problems including and compounded by alcoholism and it is a wonder she is still alive. The brother who lives with her has also battled alcoholism, but has recently turned over a new leaf.
Her quandry is now all of a sudden she has ready access to a large sum of money, and feels insecure about it. Her age and failing health might be deterrent enough to keep her from "wasting it all in a hurry on booze", but in her own view, she would feel better entrusting it to someone else, namely myself or another one of her children. Mom called me only so far on the phone about this, and the others' relationship with her ranges from weak to unhealthy, in my view.
I am wondering how to best handle this so as to ensure the money goes to her care and her care alone. Each of us, her children, has varying amounts of debt and financial pressures, so the temptation to "borrow some funds to repay our debts" is of concern. If I go ahead and help her, I am inclined to try and do it privately so as not to allow a family fight to start and hamper the process, though one may happen nevertheless.
As further background, my wife has suggested we invest some of the money in government savings bonds, which can be liquidated again quickly.
My father had separated from her years ago and though fully informed about this, has not offered to intervene himself. Mom and I tried to think of anyone else close, but could not come up with anyone.
Has anyone some helpful comment or similar experience they can share?
|
Linear Mode
