You would be amazed by the number of kids who believe their parents’ assets really belong to them. They don’t want their parents to spend money.
I know someone, a friend of a friend, who was diagnosed with cancer. Her children are trying to take over ownership of her house. They’re afraid she’ll end up in a nursing home and they won’t get *their* money.
OTOH, I don't plan on telling my soon to be 15 YO son that we're getting a dependent benefit from SS until he graduates from HS. LOL...had I known about it, I would've retired when I hit 62 over 18 months ago.
Aw heck, it's going to his college fund anyway.
“I know someone, a friend of a friend, who was diagnosed with cancer. Her children are trying to take over ownership of her house. They’re afraid she’ll end up in a nursing home and they won’t get *their* money.”
Sounds similar to a poor woman in my wife’s 3 decade plus bridge group. This woman is older and needs to live in a place with care or redo her home and have live in care. Her health and mobility cratered last year.
Her family hustled her off to a cheap board and care place to die.
They had hustled her into a dying place, where her daily entertainment was being pushed in her wheelchair to the hallway to a dirty window to see what was happening outside.
Two women in the bridge group went to get some local elder help for their friend after seeing what had happened to their friend.
They helped her to get a reverse mortgage and revamp her home so she can live in one level without stairs via the line of credit. She has a generous line of credit from the reverse mortgage and no monthly mortgage payments. She has to live in the home and pay the property taxes and insurance. Those costs are taken care of basically from the rent from her new renter.
She is happy in her new revised home with her new downstairs bedroom. She has a daytime help person, who helps her and does the final touches re the home delivered meals for two.
She rents out her former upstairs master bedroom to a single working woman.
The single woman serves the evening meal for two, cleans ups and they both go to their own bedrooms.
The renter cleans the home as part of her rental agreement. The single woman fixes breakfast for the older woman and leaves for work when the day care person comes in.
Her children are outraged at what happened. If they keep it up, their names will be removed from the settlement of the home and the ladies investments before she dies.
She is happier, enjoys her new old home and hosts her bridge group every two months.