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My sister purchased property for me in 2000, 1/2 acre with an 16/80 mobile home one it. I had went through a divorce and lost everything including my credit. Total value is approximately $100,000 at best. The property is in her name and she gave me power of attorney to handle anything including the sale of it or creating a living trust as she owns no other property. She first lived with me and then moved to Tennessee to be with her daughter. She wants me to handle it anyway that I want to as she wants me to have it until I die and then do with it what I would like to. I have a lady friend that lives with me that is on Social Security Disability and has a 5 year old son. I am on VA Disability so therefore we neither one can own the property without affecting our income monthly. What I want to do is create a living trust and life estates for myself and my lady friend leaving in the end the property to her son Matthew Verthein who is at present 5 years old. Please Advise

Submitted: 284 days and 19 hours ago.

Category: Estate Law

Value: $15

Status: CLOSED

Wheatfield, Indiana

Already Tried:
Several things. I am very serious about completing this as soon as possible and I am willing to pay if you direct me in the way that I should go in order to make this legal. I am even willing to have you draw up the paperwork and prepare everything, however there are some intricate details that need to be worked out. I am a fair person and will be fair with you if you can deliver what I need in order to get this whole thing straightened out. I have worked on this several months myself researching as I have had an Indiana Real Estate License, Insurance License, Mutual Funds License, and also I have had both the Series 6 and 63 securities license prior to my being forced to go on VA Disability in 1999. I am a Vietnam Veteran, 61 years old and my sister is 62 years old and will be 63 years old this coming Valentines Day. Thank You. Looking forward to hearing from you very soon.

Sincerely,

XXX XXXXXX

Posted by lwpat 284 days and 19 hours ago.

Answer

The best thing is to have your sister place the property in an irrevocable trust that does what you want. I would not use the POA as that would be self dealing.

284 days and 19 hours ago.

Reply

I have already stated to you that my sister wants me to take care of all of the future transactions with this piece of property using the power of attorney that she assigned to me. The answer that you have given me in insufficient as to the problem that I have therefore I feel it is unfair to pay for an a answer to my problem that was stated to you in my question as an un-acceptable way to accomplish my goal in this matter.

Very Sincerely,

Ned Herron

Answer

I gave you the correct advice. I'm sorry it wasn't what you wanted to hear.

Accepts:
Expert:	lwpat
Pos. Feedback:	98.7 %
Answered:	2/11/2009

Attorney

Practicing attorney with extensive experience in wills, estates and trusts

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Answer

The best thing is to have your sister place the property in an irrevocable trust that does what you want. I would not use the POA as that would be self dealing.

Reply

Answer

I gave you the correct advice. I'm sorry it wasn't what you wanted to hear.

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