child owes parent money but wants to keep money out of estate because she is going into nursing home, should he pay it back?
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child owes parent money but wants to keep money out of estate because she is going into nursing home, should he pay it back?
the money was given to the child by his father who is deceased, his mother does not know about the money and has been spending rapidly with the idea that she is going into a nursing home and her assets are going to be depleted anyway. There are four kids entitled to equal shares of the estate and all agree to trying to protect the money. Do you talk to the parent (she is 89)? Should they pay her back?
Asked on June 24, 2009 under Estate Planning, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Yes, you should talk to you Mother, but first you should consult an Elder Law/Estate planning attorney so that you have real information when you speak with your Mom. You need to have information about all her assets: types (Life Insurance, stocks, house, bank accounts, etc); how they are held (alone, jointly, rights of survivorship). There may be a way, even now, to plan for her entering a nursing home. For example, if the estate is of a larger value, Ohio has what is known as Long Term Care Insurance. You may have many options of which you are not aware. And they will be able to advise you as to paying back the loan and how. Good luck.
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