My father in-law is 93 years old,about 5 years ago my brother in-law took over his finances,and coerced dad into taking out a 5 year interest only renewable loan for 12,000 to help him catch up his failing home loan and lack of a job which of course only worked for a short time and soon the loan money was gone and they were then depleting his savings ,This transpired over about 2 years.We had no idea this was going on till dad called one day to borrow money for food.After taking him groceries and looking over his joint checking account we took him to the bank where he closed the joint account and opened one only in his name.He also went to a lawyer and changed his POA (health & finance)from son number 1 to son number 2,We kept a close eye on dads progress for several months and he was doing fine on his own building savings back and shopping for a new roof for his house.He would spend money buying magazine subscriptions for family members and maybe a few to many donations through the mail but otherwise he was doing OK.
In steps son number 2 seeing the 5 year mark approaching on the loan advised that maybe dad should take out a mortgage to pay it off and some extra for the roof and a few bucks to put in the bank just in case he needed it. He told us it was going to be about 25,000 all together.No problem right?
Recently dad called to borrow money again,as it turns out the loan was for 80,000 of which dad got 30 and the rest went to son number 2 to finance a rehab house project that was to be turned around and the money would be paid back. Several months of health problems soon arose with son number 2 and needless to say again dads account was drained.
If you think you know where this goes,just wait it gets better.About 2 years ago dad brought in a lady from his church to help clean his house one or two days a week,he was giving her 20 or 30 bucks a time.at that time dad was passing his driving and eye tests and getting around fine on his own.6 or 8 months in we started to notice wasn't calling as often as he used to and when we called him he wasn't around much,but when we talked to him he seemed in good spirits and doing fine.Not knowing about the $80,000 loan we thought he was finally doing OK.
But it seems once again things have gotten away from us it seems son number 2 being ashamed of his mistake hadn't advised us that he was only able to talk to dad through the lady from church who is now being called a caregiver and is there 5-6 days a week and is being paid $100 dollars a week,She has closed the joint account opened a new one that she takes care of and as of 2 days ago will not let dad talk to anyone without her being present,she turns the phone off when she leaves.We were advised by APS to have the police do a safety check on him which we did and he tells them he's fine and will call us to say he's OK but says he's not allowed to talk to us,she also has his POA and an interest in his house through a new will which she took him in to have drawn up.We were tipped off this time by dad calling to borrow money for new furniture,it seems she is remodeling the house,and threw out all his old stuff,Any suggestions?
2 Answers from Attorneys
wow, that is a lot! do you think your dad is mentally capable of taking care of himself? if not, then perhaps a guardianship should be established. if you need help with that, please call me at 312-372-5600.
You should consider a Guardianship. First, it will help clarify any funds your father-in-law has left and any further funds that will be used for his benefit. Second, your father-in-law may be able to easily recover some of his funds from his children -- particularly since they drained his money while acting as his agent under a Power of Attorney.
Feel free to call me if you'd like to discuss this further. I won't charge for the phone call.
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