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When Dad passed we found papers that say Mom has a TIAA CREF account worth a few thousand listing me as a beneficiary. It's very vague what EXACTLY this account entails or is worth, and while Mom is physically fine at 92 she isn't good at communicating so she can't explain it.
Right now I'm in critical need of some money and have no resources. Are there any legal ways of selling an interest in my future inheritance, at least in the amount I KNOW I am getting? The guy on TV buys structured settlements, this isn't one. Thanks in advance.
When Dad passed we found papers that say Mom has a TIAA CREF account worth a few thousand listing me as a beneficiary.
1) Who is this "we" that you refer to?
2) What became of Dad's estate?
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It's very vague what EXACTLY this account entails or is worth, and while Mom is physically fine at 92 she isn't good at communicating so she can't explain it.
It's worth a phone call to CREF to inquire about the nature and status of the account. It may have been cashed in years ago or it may have grown well above the amount shown on whatever document that you found says.
And btw, CREF isn't likely to reveal any such information to you directly.
Long story short... It's Mom's money until she passes and even when (if) it becomes your money it's still probably only "a few thousand".
If your Mom doesn't already have an attorney looking out for her interests...
I hope she gets that real soon.
Us: Brother and sister. Dad's estate has been inherited by the paid caretaker they've had for years, Mom's fund was one she had while working for a large university decades ago. Dad was main, then when he passed the beneficiaries became us. The paper we have lists $12000 as well as undefined stocks to be split between us.
Mom's SS benefits are quite high and she never used these funds. CREF did verify for us the certificates exist and are valid, but will only release sensitive info to Mom who is hundreds of miles away and unable to initiate phone calls. So the nature and value of the stock portions are still unknown.
Mom has no attorney, only the caretaker who already owns their home, cars, etc from Dad's passing -- and SHE has the lawyers.
And the amount I need desperately is far less than the known amount of this fund.
I don't know of any ways to sell a FUTURE inheritance. How would that be structured? Even if you KNOW you are getting it, things could change. As beneficiary it simply isn't yours until your mother passes.
For instance: If I was the one giving the inheritance, and I found out someone was trying to get at the money before I had passed, I would write them out of my will.
Of course, if she desired, your mother could make an outright cash gift to you. Nontaxable gifts can be given each year of up to (I think) $12k. Not sure how this would be legally handled if your mother is having the communication issues you describe. I'll echo others-I hope legal counsel is involved. You don't want to get your hands slapped for handling this wrong.
Us: Brother and sister. Dad's estate has been inherited by the paid caretaker...
huh? I'm not familiar with this usage.
Do you mean "trustee" ?
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Mom has no attorney, only the caretaker who already owns their home, cars, etc from Dad's passing
Then that's the way it is. It sounds like someone responsible is managing her affairs and assets in a trust of some sort. When this trust was created were you advised about what the distribution rules and expectations are?
Contact this trustee person and ask them nicely if this (or any other) asset which you might be due to eventually receive can be made available now.
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As Keim mentioned... gifting (cash or otherwise) is fairly common for wealthier people with "extra cash"... but that sort of thing may not be allowed under the protective conservancy I suspect your Mom Has.
Mom is the only authorized agent on the account, no trustee is listed. And CREF has informed us that if Mom talks to them and authorizes a withdrawal it can be put in my account. So all we need to do is get Mom on the phone to CREF while she's sharp.
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