I know most people here hate annuities. But can anyone think of a better solution here? I've thought about this so much that my head is spinning.
Mom is 95 with dementia, estate is roughly $1 million.
I am sole executor of living trust saying brother "Bob" (age 68) and I (age 66) split all assets 50/50 at Mom's death.
Bob has no assets, lives with Mom, pathological money-loser; he has mild/moderate mental illness, spends or gives away all money immediately.
I feel comfortable using my executor status (and current full power of attorney for Mom) to make decisions to ensure Bob's lifelong welfare
I will NOT let Bob have access to half the estate when Mom is gone: It would be gone shockingly fast (gives it away to anyone!) which feels like a betrayal of dad's hard work and saving
I'm unwilling to either hold the purse strings or see him live in the street
My kids (heirs, should Mom outlive me) share my views; we love Bob and want to keep relationship "clean" regarding money
I understand that his share ($500k) doesn't justify a paid trustee.
Solution: Nontransferable annuity, right? Or... ? Please be kind. Thank you for reading.
Mom is 95 with dementia, estate is roughly $1 million.
I am sole executor of living trust saying brother "Bob" (age 68) and I (age 66) split all assets 50/50 at Mom's death.
Bob has no assets, lives with Mom, pathological money-loser; he has mild/moderate mental illness, spends or gives away all money immediately.
I feel comfortable using my executor status (and current full power of attorney for Mom) to make decisions to ensure Bob's lifelong welfare
I will NOT let Bob have access to half the estate when Mom is gone: It would be gone shockingly fast (gives it away to anyone!) which feels like a betrayal of dad's hard work and saving
I'm unwilling to either hold the purse strings or see him live in the street
My kids (heirs, should Mom outlive me) share my views; we love Bob and want to keep relationship "clean" regarding money
I understand that his share ($500k) doesn't justify a paid trustee.
Solution: Nontransferable annuity, right? Or... ? Please be kind. Thank you for reading.
Statistics: Posted by floridasandy — Sun Mar 24, 2024 9:04 am — Replies 1 — Views 83