My mom had cancer a few years back, and made an “agreement with god” for how long she’d get to live. She is now approaching that deadline and is convinced she will die soon, despite being cancer free for 2 years.
As part of this, she’s getting all her finances in order and preparing for her death. This includes preparing all the receipts from past home renovations so we can minimize taxes from selling her house after she dies, etc.
She wants to open a joint account between her and I, and transfer her savings (~$70k) in to it, with the understand that I won’t touch the money until she passes away. Her objective is to simplify the transition of funds after she dies and to avoid estate tax.
I’m wondering if this could have any negative impact on my own personal finances. Namely, will this impact my taxes? Will this make it harder to apply for and receive loans in the future? Does this impact my student loan repayment? I’m not sure if there’s anything else I should be worried about, but I want to make sure I’m going into this with my eyes open.
Note: yes I know it’s insane that she thinks she has an agreement with god, but I’m hoping for financial advice rather than relationship advice.
Edit: I’ve told my mom that a will is probably fine and we don’t need a joint account, but she’s going to do it anyway and there’s not much I can do to convince her otherwise. So I’m mainly just wondering if this could affect me negatively at all.
Submitted July 17, 2018 at 08:28PM by howboutdemapplez_ https://ift.tt/2JvpKiF
