My dad is in his 80's and lives in Florida some 1500 miles from me. Before the stock crash of 2000 he had over 250K in a discount brokerage account. As the market crashed he held on till his account went down to around 20K. He still has this account and with about half gold mining stocks it has come back to around 35K. His only other assets are his paid for 50K condo and a few thousand in a non interest bearing checking account that his $1500 a month S.S. goes into. The stock account has his name on it with mine name ROS. I myself am disabled and live on $700 monhly S.S. My dad has gotten very confused since this loss and does not trade or touch his account but does'nt seem to want to liquidate it either. My greatest concern is I don't think he has filed any tax returns since his tremendous loss. I don't believe he is even capable and nor am I. I have no idea what direction to take here or if he would go alone with any advise anyway. I wonder if this loss can be used against the sale of these stocks in part or in whole? now or after his passing? Could I or his estate be liable for his failure to file since 2000 because of his lacking mental capacity to do so? Seeing his and my incomes are so limited do I have alot to worry about anyway? If I could would it be wise to have him sell off these stocks seeing they are the only asset held that seems to be appreciating although very little? Sorry to ask so any questions but this is very upsetting to me and just don't have the know how to tackle this and wonder if I can get him to act on anything? he just does'nt seem to care anymore. Any advise would be truly appreciated as I am not able to afford legal advise and would like to hear from different informed sources anyway. Thanks For Taking The Time To Read My Difficult Situation With No Simple Solution ... Richard
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18 years ago