Sunday, December 18, 2011
Protecting my grandmother financially from herself?
My grandmother is mentally handicapped due to a major stroke. My grandfather took care of her until his death over a year ago. Now, she is living with her sister two states away. Soon she will come into a large lump sum of money because she is selling her house to a neighbor. She is incapable of budgeting and spending responsibly and has the tendency to write bad checks because she doesn't understand how much money is in her account. My mother and I are very concerned that she will spend this money very quickly and be destitute for the rest of her life. By all legal standpoints, my grandmother is a fully competent individual and has the right to spend all of the money. However, if this happens, my mother will become responsible for my grandmothers care and obligations. We are concerned that she may end up needing 24 hour care because of her poor health. How can we "freeze" the outflow of money from my grandmothers account, set up a stipend, or just handle her finances for her?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment