I have tax leins with the feds and the state. I have power of attorney for my 90 yr. old father both living will and last will
5 attorney answers
Get a lawyer Elder abuse (also called "elder mistreatment," "senior abuse," "abuse in later life," "abuse of older adults," "abuse of older women," and "abuse of older men") is "a single, or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust, which causes harm or distress to an older person." This definition has been adopted by the World Health Organization from a definition put forward by Action on Elder Abuse in the UK. Laws protecting the elderly from abuse are similar to, and related to, laws protecting dependent adults from abuse.
The core element to the harm of elder abuse is the "expectation of trust" of the older person toward their abuser. Thus, it includes harms by people the older person knows or with whom they have a relationship, such as a spouse, partner or family member, a friend or neighbor, or people that the older person relies on for services. Many forms of elder abuse are recognized as types of domestic violence or family violence.
While there are a variety of circumstances that count as elder abuse, it does not include general criminal activity against older persons, such as home break-ins, "muggings" in the street or "distraction burglary", where a stranger distracts an older person at the doorstep while another person enters the property to steal.
The abuse of elders by caretakers is a worldwide issue. In 2002, the work of the World Health Organization brought international attention to the issue of elder abuse. Over the years, government agencies and community professional groups, worldwide, have specified elder abuse as a social problem.
In 2006 the International Network for Prevention of Elder Abuse (INPEA) designated June 15 as World Elder Abuse Awareness Day (WEAAD) and an increasing number of events are held across the globe on this day to raise awareness of elder abuse, and highlight ways to challenge such abuse.
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To underscore Mr. Fee's comment, if you have ownership of any portion of the account you create a legal avenue for your liabilities to attach. In light of that, only your dad has the ability to take steps to protect the potential inheritance you would receive. Given his age and condition, the sooner the better if the goal is protection.
You should seek counsel with this matter from a competent attorney who practices in the matter of estates and trusts.
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If your name is added to the account as a joint owner, then the IRS and state could seek payment from the account. So you should not become a joint owner of the account. In addition, your father should not leave the account to you outright under his will or through a pay on death/transfer on death designation. If you receive the account outright, it would become exposed to your creditors. If your father's will leaves assets to you outright, then your father should consider amending his will so that any bequest to you goes into a spendthrift trust that would not be exposed to your creditors.
You should talk to an attorney right away who understands how to draft trusts in a way that you can benefit from the trust yet have some protection from your creditors. While we can do this and regularly do there are not a lot of attorneys that have the knowledge to do this kind of planning. In MD there is Steven M. Berger, Esq.
Every situation is different, it is important to discuss your legal issue with a knowledgeable attorney in your jurisdiction. To schedule an appointment with me please contact me at 800 220-4205 or www.MartyBurbankLaw.com
You should not place your name on the account. Since you have the POA, there is no need for you to do this, in order to access the funds to pay your father's bills. If you are the SOLE beneficiary under the Will, it may be appropriate, (provided the terms of the POA allow it), for you to designate yourself as beneficiary of the account. I personally would consult with an elder law attorney to make sure that all of your father's estate planning is complete and in order. You can ask the attorney how best to safeguard your share of any inheritance.
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