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Safest Way to Keep Money
I have a brother who is a drug addict and lives with my Mom. I have had to move my Mom's money over into my savings account. I now want to remove her money from my savings account, as I don't want it mixed up with my money. My son will be going to college next year, and I don't want that money sitting in my account looking like it belongs to me.
Can I get a Cashier's Check from the bank and just put it in my safe? If so, how long does a Cashier's Check last before it expires? Would it be better to get the $20K in cash and put it in a safe deposit box at the bank? How can I protect her money, because if I give it to her, she'll give it to my brother and he's already taken $30K from her.
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 If you wish to keep your mother's money in bank accounts, you should talk to an attorney and explain the unique problems you see, but it's unlikely you'll be able protect her from her own generosity, however misguided you think it may be, unless she is declared incompetent to handle her own financial affairs. Cashier's checks can be surrendered to the state after as little as three years. You can still get the funds, but it could take some extra work.
Converting the funds to cash and hiding it in a safe deposit box isn't really recommended, although it would probably fit your needs. The money earns nothing there, and will not be insured by the FDIC.
Published on BankingQuestions.com 9/11/08
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