Have a relative who was a nurse for over 40 years. Currently in a memory care unit. She never married and kept to herself all these years. Broke her neck back in 2019 and she then reached out to my mom and my mom asked me to help her out. She was a hoarder and my sisters and I spent a lot of time organizing not only her physical surroundings, but financial also. I found IRA’s she didn’t know she had. Consolidated them and put beneficiaries on them. She has a Prudential whole life policy and I put beneficiaries on that also. She had enough in her checking to cover the balance of her memory care fees for last year and into this year. She’s 73 in February, so RMD is good timing. I’m both HCPOA and Financial. She gets a $2600 pension and $3500 in SS. Memory care facility is about $120,000/yr. Yeah. Ouch.
She does not have a will. Her only assets are the consolidated IRA and life insurance. I’m trying to avoid probate, but looking ahead. If nothing goes through probate, how would I pay her final taxes or any other bills? (There may be a few health-related bills - nothing significant.). I know POA ends at death. Can I pay those on her behalf and file taxes after her death?
She does not have a will. Her only assets are the consolidated IRA and life insurance. I’m trying to avoid probate, but looking ahead. If nothing goes through probate, how would I pay her final taxes or any other bills? (There may be a few health-related bills - nothing significant.). I know POA ends at death. Can I pay those on her behalf and file taxes after her death?
Statistics: Posted by JJinWI — Sun Jan 21, 2024 4:52 pm — Replies 4 — Views 399