My father is 91, and in failing health. He's had a good run, and he has planned pretty much everything out, with the exception that he didn't count on his health failing him. He had a minor stroke about 10 years ago and along with the mobility issues, he's slowly losing his memory.
We moved him and my mother into assisted living after we convinced them that they couldn't take care of the house, the yard, the pool, etc. My mother had a couple of fender benders, and my father was no longer driving. My mother passed about 18 months ago. Because of his failing memory, he forgets that his wife of 60+ years has died, and he's constantly asking where she is. It's quite sad, to be honest.
After my mother died, we had him move in with my sister, who is retired. She has found the assisted living place, and they had room for him. To be honest, we (Dad included) all figured that my father would pass first, and it would be my mother who moved in with my sister.
While he is still alive, my sister has power of attorney for both medical and financial matters. When he passes, it's my understanding that I'll be the executor of his estate. Like I said, he planned all of this out, and I know pretty much all of the details.
Being 91, he's a child of the great depression and WW II. Rather frugal, and very deliberate with money. He basically started saving $300/month as soon as he was able, and that's become a sizable inheritance for my two sisters and I. We all have two kids each, and one of my sisters has grandchildren. Of my father's grandchildren, mine are the only ones that are still minors.
His money is mostly in a trust, and the trust is invested in both common stocks and mutual funds. There are also a couple of IRAs, but they are small compared to the trust. We suggested that a fiduciary manage his investments, and he eventually agreed, as he just can't keep up with it all. He asks about them constantly, and the firm updates him at least quarterly.
He has zero expenses and no liabilities. They sold the house, and the cars. He's retired military so his medical expenses are low. Burial /funeral expenses are taken care of. I know he's taking his minimum required distributions, but to be honest, I dont know what he does with them. As income, he has his military pension and Social Security. He pays his taxes quarterly.
I'm curious as to any possible motivation/rationale for having my father gift some of his savings before he passes, as opposed to afterwards. I don't really know if any of us kids desperately need any help, but something to help with our kids and my sisters' kids and grand kids seems logical to me.
Submitted July 05, 2021 at 11:19PM by Altruistic_Profile96 https://ift.tt/3dOvrdl
