No. of Recommendations: 0
I will start by apologizing for posting to what seems to be the wrong board, but seems to be the closest.

My grandmother has recently sold her house, and now lives in a condo. She has put the proceeds from the house in a brokerage account and has listed me as a joint owner.

Given that there is nothing like money to bring relatives out of the woodwork looking for a handout, what are my options to help make sure she is not swindled by lazy relatives? They are already showing up on her doorstep with the sob stories.

I know some may think I am trying to protect my inheritance, not so, I have more than enough already and could care less about an inheritance.

If I were move the funds out of the account into a trust fund where Gram would receive a fixed amount monthly (she does not need much as she has a healthy pension) what tax and legal liabilities could I face?

Of course someone would have to have authority to make special payments for (Gram's, not mine or anyone else!) unforseen expenses (medical, car repairs, home expenses, etc).

any comments most appreceated
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.