I am designated to handle my Mother's estate. She is 88 and in poor health. I'm thinking that when my Mother passes, I should not disperse all her funds immediately to my siblings in case interest, etc., needs to be paid. Several years ago, an attorney said that I could keep up to $100,000 indefinitely. Is this correct?
4 Answers from Attorneys
I've never heard anything like that. He might have been saying that you should reserve at least the first 100K until all of your mother's expenses, current bills and other debts are. If you dispense too early, you could end up having to pay all of these things out of your own funds. My suggestion is that after your mother dies, you hire a competent attorney to help you handle the Estate and then follow his/her advice.
You cannot hold $100,000 "indefinitely."
After your mother passes, you will keep some of her funds for a certain period of time. If her Estate must involve a Probate Court, that period will probably be about 6 months. If not, that period will probably be about 2 years. In either event, since every Estate is a little different, you should build an appropriate plan with an attorney who regularly practices in this area.
When you're ready, feel free to give me a call. I always provide free consultations.
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