Need Help With Aging Dad: Stock Ownership Problem
Need Help With Aging Dad: Stock Ownership Problem
My Dad is 85 and having dementia issues. He will not allow me to receive his mail (I live 1,500 miles away) and he is in assisted living but still mobile and even drives.....
One of the many issues I am facing is that he owns 1,300 shares of stock (his only stock holding) of the company he worked for 20 yrs ago). I would like to help him sell this stock BUT he has no idea who holds the stock or how to sell it.
Any thoughts on how to research this issue long distance without having access to his mail?
Tks in advance,
Chris
One of the many issues I am facing is that he owns 1,300 shares of stock (his only stock holding) of the company he worked for 20 yrs ago). I would like to help him sell this stock BUT he has no idea who holds the stock or how to sell it.
Any thoughts on how to research this issue long distance without having access to his mail?
Tks in advance,
Chris
- tractorguy
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Re: Need Help With Aging Dad: Stock Ownership Problem
Long distance, IMOP its going to be very difficult. As a minimum, you'll need a power of attorney to act for him. The experts on the board can tell you what kind and its probably a good idea anyway if he's having dementia issues. They tend to get worse.
If you visit him, I'd ask to see any year's tax return and supporting documentation. Assuming that the company stock paid any dividends, he should have recieved a 1099 from the holding company that will identify the number of shares, and the name of the company that sent the dividend check. It may also have an account number on it and contact information.
Once you have the name of the company, I'd call them and ask them what they need to execute a sale. Probably, they will send you a form for him to fill out and sign. You'll probably want to sell the whole block with a limit order and the funds going to his bank account.
If you visit him, I'd ask to see any year's tax return and supporting documentation. Assuming that the company stock paid any dividends, he should have recieved a 1099 from the holding company that will identify the number of shares, and the name of the company that sent the dividend check. It may also have an account number on it and contact information.
Once you have the name of the company, I'd call them and ask them what they need to execute a sale. Probably, they will send you a form for him to fill out and sign. You'll probably want to sell the whole block with a limit order and the funds going to his bank account.
Lorne
Re: Need Help With Aging Dad: Stock Ownership Problem
Probably a silly question, but why don't you go and see dad and look over his finances at the same time?
the best decision many times is the hardest to do
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Re: Need Help With Aging Dad: Stock Ownership Problem
you need to find the 1099 for the stock to see who is the custodian. then you need to execute a power of attorney that will be accepted by the custodian. If your father will not grant a POA there is nothing you can do except have a court appoint you as his guardian but then you will be responsible for all his financial matters which will be difficult if you are 1500 miles away.
why does he want to sell the stock and what will be the capital gain?
why does he want to sell the stock and what will be the capital gain?
Re: Need Help With Aging Dad: Stock Ownership Problem
I agree on the POA for finances as soon as you can discuss it with your father. It is best, IMO, to arrange for one through a good elder law attorney. I don't know if there are other family members involved in helping your dad, but the dementia makes it likely you'll also have to arrange for a POA for health care, also with help from the attorney.tractorguy wrote:Long distance, IMOP its going to be very difficult. As a minimum, you'll need a power of attorney to act for him. The experts on the board can tell you what kind and its probably a good idea anyway if he's having dementia issues. ...
"Yes, investing is simple. But it is not easy, for it requires discipline, patience, steadfastness, and that most uncommon of all gifts, common sense." ~Jack Bogle
Re: Need Help With Aging Dad: Stock Ownership Problem
Does Dad really need the money now from the sale of the stock? What is his basis in this stock? Is there a capital gain involved in the sale if it is sold? What is his other income to the extent it might impact tax paid on any sale now? If the money from the sale of stock is not needed now, it might be better to let the stock go to the beneficiary(s) upon his passing and take the stepped-up basis. Just some things to think about.
Tom D.
Re: Need Help With Aging Dad: Stock Ownership Problem
Another thought: If there are dementia issues you may want to check to see if any of his assets (maybe even the stock) have been escheated to the state because the custodian of the asset doesn't have a current address for the property owner or maybe mail has been returned to them because a forwarding address with the post office has long since expired. Many states have unclaimed property offices that can be located by googling "name of state unclaimed property". Often things can be looked up online.
The closest helping hand is at the end of your own arm.
Re: Need Help With Aging Dad: Stock Ownership Problem
Was the stock part of his compensation/benefits? If so, you may be able to get the information from the (retired) employee benefits department of the company.
Re: Need Help With Aging Dad: Stock Ownership Problem
Was the stock part of his compensation/benefits? If so, you may be able to get the information from the (retired) employee benefits department of the company.
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Re: Need Help With Aging Dad: Stock Ownership Problem
I understand wanting to help with his finances, but this seems like a more pressing problem. You have to get him off the road before he kills someone or himself. Sure he'll give up driving finally after his next major accident, but by then it's too late.My Dad is 85 and having dementia issues. ... and he is in assisted living but still mobile and even drives.....