In July 2007 I had to put him in assisted living and filed for the VA pension A&A to pay for it. His liquid assets were about $33,000. and then we had the CD of around $64,000. What he owed me was far in excess of his 1/2 interest in the CD so he gave it to me. I have 1 sibling and she knew about the financial situation and agreed that I should be paid my advanced expenses of $48,000+ We didn't early terminate the CD (so not to incurr the penalty) and he assigned all of it to me... I had him sign an assignment but didn't have it notorized. Now I am worried that the VA will say because I was his POA the assignment wasn't proper (undue influence or whatever).
My worry is that if VA says the assignment wasn't proper, they will say he had too much money and take his A&A away AND make us pay it back.
I was thinking of having him sign an affidavit reaffirming that he assigned all of his interests back in 2007 and have it notorized.
What do you think? BTW: I contacted an elder law attorney and he wanted me to file a gift tax return for the money but it really wasn't a gift.
Thank you for helping out with this.
verbal understanding between siblings dont matter.
transactions have to be clear.