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Old 01-15-2012, 03:07 PM   #21
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Well, none of you got sued yet, so it's all good. Do family members ever sue one another? Sure, I have seen it twice in my career. I guess I'll skip paying my $2700 E&O insurance for this year, thanks guys........

Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)

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Old 01-15-2012, 03:39 PM   #22
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Originally Posted by Gumby View Post

Only your own lawyer can give you specific advice as to potential legal exposure, but for general background information, I would direct you to the Uniform Prudent Investor Act, some version of which has been adopted by most states.
Thanks for the link. Guess I have some research to do on the subject.

"The four most dangerous words in investing are 'This time it's different.'" - Sir John Templeton
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Old 01-15-2012, 07:04 PM   #23
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Originally Posted by Lsbcal View Post
Sounds like your daughter is unusually mature and has a great relationship with her family.
Pretty much. In this one area she was driving herself nuts and taking us along with her. I thought offering her control of the college funds would remove me from being an authority figure and make her feel more in control. It certainly got her attention and made her settle down for a serious conversation. Turns out she liked having us run that money so that she didn't have to.

The dorm is going through its annual "Will we have room for everyone next year or will we have to force some students to live off campus" drama. She was obsessing over all the blow-by-blow details and had worked herself up into a frenzy because she didn't want to live off campus. But apparently the intrigue is bad enough to make a dozen students volunteer to live off campus just so that they don't have to go through the uncertainty again next year, and she'll probably get to stay in the dorm anyway.

We'll all feel the earth move sometime in late March, and we'll know that the question has been answered.

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Old 01-15-2012, 07:06 PM   #24
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I've been managing my Dad's checking and savings accounts and paying all his bills for a few months while he recovers from a broken hip. He's very grateful. He's just moved home and still wants me to manage things for him for a while, which is fine.

I've been monitoring his investments but haven't touched anything except for completing his IRA RMD for 2011. He's got a nice portfolio of mutual funds, preferred stocks and some bonds paying him dividends that are providing him about half of his monthly income.

In the mid 90's my sister was divorcing her first husband and trying to make it on her own and failing terribly. Her way of coping with stress and life was retail therapy and a laundry basket of unopened bills. She asked me for help and I tried to straighten out her checkbook which was a jumbled disaster. She sort of kept a check register when she felt like it and only recorded whole dollar amounts instead of the actual amount so it was difficult to reconcile what cleared and what was outstanding.

What I ended up doing was creating a tutorial of how to run a checking account with scenarios and examples of transactions and color coded steps. I taught her how to include dates, descriptions, actual amounts and real subtraction, not close guesses. I couldn't prevent her from declaring bankruptcy but once she got her fresh start at least she learned to keep a checkbook that means something. She thanked me for this later, which meant a lot.

Luckily her 2nd husband is wealthy and she doesn't have to think about inconvenient things like digits and value and delaying gratification. She has a very warped sense of money now but her husband doesn't mind.

During this recent crisis with my Dad I was POA on his affairs and she was not. This was very deliberate on my Dad's part. He and I have talked about how she is not the one you want to handle anything more than your pocket change. Her frame of reference on the value of money is just so out of whack. I pointed this out to her one time and although she denied it then, I think she understood why I said it and toned down the way she refers to things, especially our Dad's assets.
Married, both 63. DH retired June, 2010. I have a pleasant little part time job.
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Old 01-16-2012, 01:47 AM   #25
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I am managing my Mom's assets since my Dad passed away in 2003.
She is mentally ok at age 83, always been a saver, has decent assets and can live well on her (german) social security.
But understanding investments and seeing the big picture never has been her thing. When I added up all her savings and told her how much the total of her + Dad's savings was she just could not believe it.
And I am an only child. So there are no arguments with siblings and in laws.

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