Hi there, r/personalfinance, first time posting here. Just a heads up, I'm on mobile so formatting may be a little strange.
My parents just recently got divorced and are splitting things equally as they can. My mother hasn't worked in nearly 20 years, so most everything is in shared accounts or in just my father's name, i.e. retirement fund through work. Once everything is sold and split, my mother will be receiving a good sized chunk of funds. I'm not sure exactly how much, but once my mother gets her own place and what she needs, there should be roughly $80,000 left. The thing is, she wants to put that in my name.
A little more background. My mother had a stroke a few years back and she is fairly physically handicapped. Limited movement on her left side, no real arm use, and walks with a cane. She is only 54 and unable to work. She is the one who actually filed for divorce, just so there's no negative judgment on my father. She's planning on applying for disability and orher such things. According to her, she will be unable to hold the aforementioned funds while living off the government assistance, so she wants to hide it in my name.
I am a 21 year old college student and want to help my mom as much as I can. However, I don't want it negatively affecting her, my family, or myself. I'm looking for advice on what sort of options I have. Is it okay to throw the money in some account under my name and forget about? Is my mom able to do that herself ? What options does she have for assistance?
Anything at all will help. I apologize if this isn't the right place for this, but I've always seen helpful and knowledgeable replies here. I don't really know what questions to ask, I've just been sort of tossed into all of this.
On a bit of tangent; is there anyway my parents split could benefit my financial aid for school? My dad made too much, ~70,000 yearly, for me to receive grants or anything of that nature.
Overall, any help will be greatly appreciated. Thanks!
Submitted June 27, 2017 at 03:09AM by Gaige665 http://ift.tt/2tfxMYZ
