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Irrevocable Trust for dad
12-02-2008, 03:46 PM
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#1
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Recycles dryer sheets
Join Date: Aug 2007
Location: Mt. Pleasant
Posts: 141
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Irrevocable Trust for dad
I need to set up an irrevocable trust for my dad who is in a Alzheimer's assisted living. This, from what I have been told by others and on the www.veteranaid.org forum, is a way where he can qualify for a veterans benefit (Aid and Assistance) without having to go broke first. I have POA for him and handle all of his finances.
Does anyone know about this? Has anyone set up an irrevocable trust on their own rather than paying a lawyer or is that necessary?
Thanks, Larry
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12-02-2008, 04:29 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
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I briefly looked into this for my FIL. Be very careful. There is a waiting period for these but there are lawyers that "for a fee" can get around this. I talked with one and the alarm bells started going off.
Look at everything very carefully.
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12-02-2008, 05:27 PM
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#3
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I am somewhat aware of disability trusts that are often set up for children so that they don't own assets that would disqualify them for federal assistance, but I don't know about the veteran's benefit. As 2B said, this sounds like an area with a lot of scams. Be sure you have a very trusted attorney advise you on this.
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12-02-2008, 06:42 PM
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#4
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Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
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the only thing i ever heard about irrevocable trusts is they can become a real-life nightmare. my LH's parents set one up to originally shield a lakefront home from being taken when either went into a nursing home. they transferred ALL their assets into it, and set up 3 children as trustees (a real family divider!). they tried to cover every happenstance. but this irrevocable trust became the 800 lb gorilla for the entire family. without it, he could have used his other assets for in-home care vs going into a nursing home, but everything was locked up tight in the trust.
be careful!
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12-02-2008, 06:49 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jun 2002
Posts: 1,637
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 Quote:
Originally Posted by bigla
I need to set up an irrevocable trust for my dad who is in a Alzheimer's assisted living. This, from what I have been told by others and on the www.veteranaid.org forum, is a way where he can qualify for a veterans benefit (Aid and Assistance) without having to go broke first. I have POA for him and handle all of his finances.
Does anyone know about this? Has anyone set up an irrevocable trust on their own rather than paying a lawyer or is that necessary?
Thanks, Larry |
If you are interested in VA benefits, there are plenty of folks who can help you. Get in touch with the VA or with the Service Officer for the local American Legion or VFW. They can help you apply for VA benefits (or to determine whether or not your father qualifies.) If his disability - could be something other than the Alzheimer's - is service connected, he might be able to get benefits. If it's not, he needs to be below a certain income/asset level to get VA benefits.
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friar1610
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12-03-2008, 07:55 AM
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#6
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Recycles dryer sheets
Join Date: Aug 2005
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Normally, a POA will not allow you to change the provisions of a will. That is what you would be doing by creating a Trust. Usually, these trusts are created by the person while they are competent. All states are different, and you need to find an atty and get advice. You can call the local bar assn and get a 30min consult for free. Ask the atty what they specialize in to find one that is expert at wills and trusts.
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12-03-2008, 06:50 PM
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#7
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Thanks for your input everyone. It has been helpful.
Larry
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