Saving Dad's Retirement Savings - Advice Needed

TinkOhio

DIS Veteran
Joined
Jul 6, 2003
First off, please move this thread if there is a better place for it. The help gained from information in this thread will (hopefully) save my father, and perhaps others, from losing their hard-earned money.


My father is in his upper 80's and has worked hard all of his life to earn a comfortable retirement. He is in relatively excellent physical shape for a person his age, still working out daily, golfing several times a week, and playing bocce weekly. He is still "with it" cognitively, but he is starting to forget some small things. He also tends to forget unpleasant, yet important things, seemingly as a coping mechanism. He developed a fear of becoming lost while driving last year, but I’m not aware of any instances when he became lost. He studies maps of routes and becomes very nervous when he has to go somewhere that is not part of his normal routine. He is still social and confident in his ability to do other things. His vision is good, but he is becoming an increasingly aggressive and dangerous driver, speeding and tailgating constantly. Fortunately, he still has good reflexes. He is in danger of losing what he has spent his life earning to one of his children, my brother.


My father took in my now middle-aged brother about 10 years ago. My brother is an alcoholic who lost everything in the tech crash years back, (job, fortune, wife, children), and went from becoming a functional alcoholic to a nonfunctional alcoholic. HE HAS THE SAME FIRST AND LAST NAME AS MY FATHER!! He is also wickedly bright and manipulative. My brother has been completely supported by my father for the past 10 years. He lives in my father’s condo up north, which is where my father spends his summers. He has stolen cash from my father. He has used my father’s credit cards without permission, or even knowledge of, to purchase cash cards. He started driving my mother’s car without a license or insurance when she passed, only to get caught driving the wrong way, under the influence, and having her car impounded. After being bailed out by my father, my brother tried to steal the rights to all of my father’s assets. Instead of sending papers for my father to give my brother the rights to my mom’s car, which I suggested in fear that my brother would hurt/kill someone driving a car registered in my father’s name, my brother sent paperwork that would give my brother ALL of my father’s assets. Luckily, my aunt saw the paperwork and urged my father to not sign. My brother has also been caught creating fraudulent bills to be paid by his ex-wife and our father. He threatens suicide when he is caught doing illegal activities. My brother has a lengthy criminal record. My father complains constantly about my brother and says that he can’t sleep because of worries about him. My father wants desperately to sell his place up north, but he is worried about my brother “living under a bridge.” He does not allow my brother access to his main residence in Florida, and says that he will “put up a restraining order” if my brother ever comes down to his home down south.


I am frightened because I see my father’s life skills starting to diminish. At the same time, my brother is increasing his efforts to steal from my father. The checks to my father’s trust and his latest statements just went missing. Although my father has not shared financial or legal information with my brother in more than a decade, I’m pretty sure my brother has accessed his files and reads my father’s mail. I have been with my father at his meetings with his attorney and financial advisors for the last year, at his request. He has voiced his concerns about my brother to them and made them aware of some of my brother’s actions. He has shared with them that he wants me to help him and have access to everything. I have POA for my father and take legal responsibility for the family trust if/when my father becomes unable to take care of things. Last month, during one of our few conversations, my brother told me that our father was “losing it”, and that he (my brother), had a friend who could do something about it.


I am frightened. Do I contact an estate attorney? I spoke with the post office, and they suggested creating a separate PO box for all of my father’s sensitive material. Where can I turn to for assistance? Are there government agencies that can help? I would greatly appreciate and help/guidance that you can provide. Thanks in advance!
 
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I'd start by talking to your father. If he truly is still "with it", he really should be a part of the discussions.
 
It sounds like your dad is very worried and doesn't know what to do. I would definitely talk to a lawyer asap. Your father needs legal protection. I'm so sorry for all of you.
 
IMHO it would be a good idea to schedule a consultation with an elder law attorney in your father's city. Most will meet with you the 1st time for free and then your father can decide whether he wants to retain their services.
 


My heart goes out to you.
I am in Canada but I would seek
: Estate Lawyer advice,check will--update---have a living will,
: Bank Advice (go on account as co signer).
: Speak with his Family Doctor
: Speak with Community Elder Care organization (Advocate)
:Gather all legal documents and lock up
Go by your gut instincts and trust yourself
Best Wishes
Hugs Mel

Edited to add
Ohio Dept Of Aging
resource page:
https://aging.ohio.gov/resources/
Pro Seniors
http://www.proseniors.org/
 
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You might get more/better responses on the Community Board.

I agree 100% on seeing a lawyer. Call it an estate attorney if that's more palatable to your father, but he needs someone to legally help him shield his assets from this manipulative predator. Your dad may be feeling shame and guilt that his child is acting this way, so be prepared for him to minimize the threat he faces.

Do you live close by? Would it be reasonable for you to take over managing your father's finances? If not, could another sibling or family member do this? I understand Dad has his faculties, I just think his financial dealings need to be out of reach of your brother. This could be presented as "helping Dad out, it's becoming difficult for him", rather than, "You lowdown skunk, stop stealing!"

I wish you luck, this is very difficult.
 
If you have POA, then I advise you to have a frank talk with your father that you need to have all financial things requiring your signature. In addition to that, consult with an attorney, preferably one who specializes in either estate planning or eldercare abuse.

My heart breaks for you. This sounds like an awful situation. I hope that it works out for you to take care of your dad!!!
 
Call the Florida Adult Protection services. This can be considered elder abuse and they may have options for you. I would also call in the state up "north" and have it on record there as well.
 
Sorry to hear about your family situation OP. I agree with setting up your accounts to require two signatures for moving money if thats feasible. Another thought is to set up alerts on all the accounts so you are notified via texts when there is account activity. You can also set up two step authentication to access any financial accounts online. That way, even if someone knows the password, they still cant access the account unless they also have the phone or email address you tie to the account.
 
Thanks so much for all of the advice. My dad is fiercely independent, so it took a lot for him to ask me to attend meetings with him and add me to some of his accounts. It was sad to see him tell the attorney and financial advisors about my brother. He is ashamed and embarrassed about the situation, which makes him hesitant to take protective actions. He usually tries to pretend that everything is okay, and doesn't talk about negative things or admit difficulties until they get really bad. For example, he told his friends and relatives that my mom was "fine" after she had been given her last rites!

I will begin making calls tomorrow.
 
So, that last part about your brother having a friend who could "do something about it,"...did he imply he knows someone who can kill your father????

If that's what you think he meant, it's time to call the police.
 
No, I think he meant that he has an attorney friend who could have our father declared incompetent then and go after his money.
 
No, I think he meant that he has an attorney friend who could have our father declared incompetent then and go after his money.

What you're talking about is a conservatorship and that's an adversarial proceeding so if that happens, your dad will hire an attorney to fight it and spend lots of money. Those cost upwards of $20,000 (at least in CA).
 
Agree with getting a lawyer, his son might fall under elder abuse laws.

I have a sister who talke my mother into taking out a mortgage against her free and clear house to pay off her debts. I didn't know anything about it until my mom asked me to look at some paperwork and stumbled over the mortgage papers. After that I started watching her spending and checking account. Found out they mom was buying thousands of dollars in Phblishers Clearing House stuff trying to win the millions to help her daughter. Also found out that she had written a few thousand dollars of checks out of moms account and ran up $16,000 on moms credit card. That is addition to needing to borrow $10,000 to get a new truck so she could keep her job so she could pay the mortgage payments. Needless to say sister had been cut off, any accounts she's had access to have been closed. We had to move mom into a memory care unit for dementia adpnd had to sell the home, cleared only a few thousand dollars due to having to pay Orr the mortgage. If it wasn't for mom having long term care insurance she would have gone through her IRA and needing Medicaid to keep her in the nursing home.
 

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