Estate Planning, Asset Protection and Government Assistance
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Unless you ask specific questions, I don't know that anyone will give a seminar! Interested writers can contact us to write articles...
Try this:
In my wife's family, and with other families in the area they are from, it is common practice for elderly people to "sign over" their assets (bank accounts, house, etc.) to a child or other family member as they (elederly person) approach "nursing home" time, so that bill is picked up by the government.
My Dad went through that prior to his death, but we made no attempt to get things out of his name. Things happened too fast.
Now, it's likely that that time is approaching for my own mother. Should we try to get assets out of her name?
Does setting up a trust and moving stuff there accomplish the same thing?
Specific enough?
In my wife's family, and with other families in the area they are from, it is common practice for elderly people to "sign over" their assets (bank accounts, house, etc.) to a child or other family member as they (elederly person) approach "nursing home" time, so that bill is picked up by the government.
My Dad went through that prior to his death, but we made no attempt to get things out of his name. Things happened too fast.
Now, it's likely that that time is approaching for my own mother. Should we try to get assets out of her name?
Does setting up a trust and moving stuff there accomplish the same thing?
Specific enough?
Yes and no. The easiest thing to do is to see an estate lawyer if the assets are substantial. Part of the issues deal with getting title out of the hands of the parent so that the property may not have to be dealt with in probate and also you may not have to deal with tax issues. A trust does not necessarily give you title.
When you had problems with your Dad, tell us what they were and it will help identify what you need to avoid. Note that if title is in the hands of the parent then as the parent gets older and potenitally senile, you will likely have to go to court to be appointed guardian and it also may subject actions your parent would have wanted to stricter scrutiny.
When you had problems with your Dad, tell us what they were and it will help identify what you need to avoid. Note that if title is in the hands of the parent then as the parent gets older and potenitally senile, you will likely have to go to court to be appointed guardian and it also may subject actions your parent would have wanted to stricter scrutiny.
My Dad and Mom were divorced and living separately, with no immediately family nearby.
My Dad's broker had been stealing from him and when he was told he failed quickly. I responded immediately and he gave me his Power of Attorney, but we were too late (or he was too determined) to reverse his failing health. He passed away last June.
Next week it will be a year since we got news of his problems.
We learned from that to pay attention to the warning signs. They are now there with my Mom and we are leaving Tuesday to attend to her situation.
My Dad's broker had been stealing from him and when he was told he failed quickly. I responded immediately and he gave me his Power of Attorney, but we were too late (or he was too determined) to reverse his failing health. He passed away last June.
Next week it will be a year since we got news of his problems.
We learned from that to pay attention to the warning signs. They are now there with my Mom and we are leaving Tuesday to attend to her situation.
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