elder law question

[Mr Nice]

Maybe the son is / is not trying to clean out the father's accounts... ???
Hopefully he is trying to look out for his father.

In court:
Names of people listed as POD, TOD, Joint Tenant and listed as beneficiaries are strictly enforced.

Lots of times a person passes away and the money goes to the wrong people (ex wife, lazy leech children/grandchildren...etc) because the names on accounts were never removed and updated. Also sometimes relatives fight over money and want things settled through probate, which is very expensive and is time consuming.

 

[Donald]

Some people try and move money 5 years ahead so they can have the person on Medicaid in a nursing home rather than blow through their own money.

The son could want to do that and have good or bad intentions.

I doubt the son will be receptive to you being involved.

 

[raytseng]

Agree with the suggestion to stay out of it. from the outside perspective it looks more like you the nonblood neighvor is the bad guy trying to get the mans money. Even accompanying the man to the bank as a "friend" sounds pretty weird, and that can be twisted by any competant lawyer to make you the bad guy. especislly if you have no license, or credential and contract to preform a fiduciary responsibility to the principal.
even though some lawyers are shady they have a sworn oath and a Bar to act for their clients, same as other fiduciaries such as licensed financial planners.

if the neighbor has a second relative you can reach out but yea stay out

 

[chas3]

Or they could be attempting to keep a loved one from making a series of really poor financial decisions to include spending $750k from 401k's in 5 years and getting a reverse mortgage on a $1 million property all while drawing an $80k/year pension. The bulk of the money went to QVC/HSN. Taxes have gone unfiled for the last two years as well. Too expensive to pay apparently.

Some people are very bad with money and shouldn't be left to handle their own finances no matter how competent they claim to be. Apparently it's not a crime to be ridiculously bad with finances and not even cause for guardianship (in DC). It should be.