Ask Me Help Desk - Tax filing

Hi Folks,

I am new to this sight. I wish to be advised on the following matter:

I am 78 years old, married, male. I had been able to do my tax every year but for the last 2 years, I have not been able to do it. Thank God, my able nephew has been kind to help (doing it for me) and I just sign it. It's working.
My question is, what is the procedure applied to old people like me when I could not be able to do it (signing it) myself during their waning years?

Happy Memorial to you all.

Francis Tran

Not sure what is preventing you from doing your taxes. If your tax return is simple, you can do it online. Also many senior centers have volunteers to help seniors complete their returns. Even some of the tax preparers will give free or discounted service to seniors.

If your able nephew is also a trusted nephew, consider giving him some Power of Attorney (there are several kinds, and your bank should be able to give you a one page checklist).

You could turn your bank and other accounts and assets into a revocable or irrevocable trust. Any bank with a trust department can help you.

You could talk to your lawyer (who presumably has a copy of your will) about all of this and about an advance directive and health care proxy for how you want to be treated medically if near death. Your wife should have those too.

My father had numerous cancers and everyone assumed that my mother would outlive him. She died a few years before he did. There were little problems with the way their wills were written because of those assumptions, as well as who could not be executor. It helps to be a careful, informed person even when dealing with experts in their fields.

Thank for your advice. I like your idea.

Well, may I elaborate: 15 years ago, I established My Last Will & Statement in which I appointed my eldest Niece as the Executant; her next younger sister as her substitute.
Since then, I have realized the time in between I also needed someone to take care my annual tax. I have relied on my younger able nephew to handle that. It has been done successfully as I mentioned in my previous message.
Since I have a portfolio/investment with Vanguard Investment, I start worrying about dumb decisions during my waning years to come, I am thinking about entrusting him to take care of my financial decision/matter until I receive God's final call.
With your advice about using power of attorney. This would be a fantastic idea.
Could you give me some more guidance/procedure how I can start proceeding to acquire that objective?

PS: You might be asking yourself.. why I didn't mention anything about my children? I don't want to get you bored with them: I have 2 boys: one: a physician, the other: an engineer (from my 1st wife). I have no communication
With them for 38 years. They are not in my Will.
My present wife doesn't speak English well enough. My present wife and some of my nephews & neices are in my Will.

Your additional advice on my personal life/financial matter at your most convenient time is appreciated.

Happy Memorial Day to you and your loved ones.

Matthew Tran

Quote:

Originally Posted by joypulv

If your able nephew is also a trusted nephew, consider giving him some Power of Attorney (there are several kinds, and your bank should be able to give you a one page checklist).

You could turn your bank and other accounts and assets into a revocable or irrevocable trust. Any bank with a trust department can help you.

You could talk to your lawyer (who presumably has a copy of your will) about all of this and about an advance directive and health care proxy for how you want to be treated medically if near death. Your wife should have those too.

My father had numerous cancers and everyone assumed that my mother would outlive him. She died a few years before he did. There were little problems with the way their wills were written because of those assumptions, as well as who could not be executor. It helps to be a careful, informed person even when dealing with experts in their fields.

I can't really go further because your entire situation needs to be discussed in depth with your bank and a lawyer.
Here's the list:
Different kinds of POA, for one or more people. Ask your bank.
Trust, depending on how many assets you have. Ask your bank's trust department, or find a bank with one.
Health matters: Advance Directive and other kinds of terms for making decisions for you. This is best discussed with your doctor, because that doctor needs to be in touch with the documents. If you are taken by ambulance to a hospital, all the papers in the world won't matter if no one knows about them. Some people wear a bracelet with DNR on it (do not resuscitate). But there is a lot more detail to discuss, such as how long you want attempts to be kept alive to be, and how you define different medical conditions of 'cannot be saved.'
Your doctor probably has some samples forms for this.
Lawyer. If your lawyer who wrote your will is still around, see him or her to tie all this together, and see if there is more to add. It's a good idea to check with the executors periodically over the years to see if they are still able and willing. You could add your nephew as third.
I hope you left each child a token item or a dollar in your will. It is not a good idea to omit children completely, or you open yourself to lawsuits for being forgetful. But your children are successful so maybe they won't care.

Your wife needs a will too, and hopefully the medical directives. You and your lawyer should discuss various options for one or the other of you living the longest. And there are usually conditions in a will for spouses who only survive each other by a short time, such as after an accident.

Dear Joypulv,

I haven't read all your previous threads but with those 2 messages for subject of my concerns, which told me you were a retired attorney and jack of all trades. It's nice to know that.
I will take time to think about your valuable advice. I will discuss my intention with my nephew of choice as power of attorney.

Thank again.
Mattthew Tran

Quote:

Originally Posted by joypulv

I can't really go further because your entire situation needs to be discussed in depth with your bank and a lawyer.
Here's the list:
Different kinds of POA, for one or more people. Ask your bank.
Trust, depending on how many assets you have. Ask your bank's trust department, or find a bank with one.
Health matters: Advance Directive and other kinds of terms for making decisions for you. This is best discussed with your doctor, because that doctor needs to be in touch with the documents. If you are taken by ambulance to a hospital, all the papers in the world won't matter if no one knows about them. Some people wear a bracelet with DNR on it (do not resuscitate). But there is a lot more detail to discuss, such as how long you want attempts to be kept alive to be, and how you define different medical conditions of 'cannot be saved.'
Your doctor probably has some samples forms for this.
Lawyer. If your lawyer who wrote your will is still around, see him or her to tie all this together, and see if there is more to add. It's a good idea to check with the executors periodically over the years to see if they are still able and willing. You could add your nephew as third.
I hope you left each child a token item or a dollar in your will. It is not a good idea to omit children completely, or you open yourself to lawsuits for being forgetful. But your children are successful so maybe they won't care.

Your wife needs a will too, and hopefully the medical directives. You and your lawyer should discuss various options for one or the other of you living the longest. And there are usually conditions in a will for spouses who only survive each other by a short time, such as after an accident.

Matthew,

The advice given by my fellow commentators is consistently good. You would do well to follow it.

Dear Joypulv,

I just posted my last thread to you concerning checking my Last Will & Testament (personal).
I had it previewed. It said it too long. I cut out the letter and just kept my sample of Last Will & Testament.
The question is: Have you received it?
Please respond. If not, I will try to re-post it again.

Thank you.
Matthew