My mom asked me to sell her manufactured home and gave the proceeds to me. Now my brother has filed for conservatorship and wants the money. Can he get the proceeds, a year later?
Has he received the conservatorship? To get it he has to prove Mom is incompetent to handle her own money. Is there a court date, if so you can contest the conservatorship. I really don't think becoming conservator a year later gives him the right to ask for the money back. He is not conservator until the judge signs off.
This is the problem. Was Mom competent to give you the money?Did you sell it for Market value? In most States Medicaid has a 5 yr look back. If Mom, within that time needs Medicaid to pay for her care in LTC, gifting u the money from the sale of the house will effect her ability to receive Medicaid. There actually will be a penalty for the gift and if it wasn't sold at Market value.
Who is caring for Mom? Do you have most of the money left? How I handle this would determine who is caring for Mom. If this happened to me, I would take the money and put it in a separate bank acct to be used on Mom. If you have been caring for her, I would write down any out of pocket I have had to put out in her name and provide proof. It would be nice if you had anything in writing saying that Mom gave you the money and why. By giving you a gift over 15k that had to be reported to IRS, I think.
Do not hand anything over to your brother without first consulting with a lawyer. Just because he asks doesn't mean your obliged to turn it over.
I hope this isn't one of the cases where something was promised to you because you were the caregiver for a long time. Those promises by a parent often aren't able to be honored.
Was Mom in 'sound mind' when she requested the home sale & gifting of funds to one offspring? Leaving another offspring out?
Manipulation, sibling rivalry, family estrangement - stressful situations. If property ownership is disputed, legal council should be sought. Property ownership & elder financial matters are giving of possible elder abuse vibes to me...
Ensuring no-one gets ripped off & everything is by the book (legally) would be my aim.
This is the problem. Was Mom competent to give you the money?Did you sell it for Market value? In most States Medicaid has a 5 yr look back. If Mom, within that time needs Medicaid to pay for her care in LTC, gifting u the money from the sale of the house will effect her ability to receive Medicaid. There actually will be a penalty for the gift and if it wasn't sold at Market value.
Who is caring for Mom? Do you have most of the money left? How I handle this would determine who is caring for Mom. If this happened to me, I would take the money and put it in a separate bank acct to be used on Mom. If you have been caring for her, I would write down any out of pocket I have had to put out in her name and provide proof. It would be nice if you had anything in writing saying that Mom gave you the money and why. By giving you a gift over 15k that had to be reported to IRS, I think.
Do not hand anything over to your brother without first consulting with a lawyer. Just because he asks doesn't mean your obliged to turn it over.
Were the funds invested or put in a savings account, i.e., what was the disposition of them?
Manipulation, sibling rivalry, family estrangement - stressful situations. If property ownership is disputed, legal council should be sought. Property ownership & elder financial matters are giving of possible elder abuse vibes to me...
Ensuring no-one gets ripped off & everything is by the book (legally) would be my aim.