What to do to protect my 80 year old who, while sometimes irrational, still drives and lives on her own and is a very difficult person?
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What to do to protect my 80 year old who, while sometimes irrational, still drives and lives on her own and is a very difficult person?
She makes impulsive decisions now that make no sense and are very risky for herself and her assets. This week, she dumped a very large cashier’s check on me and said “go blow it and have fun”. Well, no, I need to put it away to pay for her future assisted living facility and other expenses. Here is my dilema: Is there a trust that will protect it and allow me access to pay her expenses and also minimize tax flags on it? And, also protect it from any law suit that may arise if she happens to have a car accident?
Asked on November 11, 2012 under Estate Planning, Georgia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You are very wise to think ahead. Yes, trusts can be a very important asset in and of themselves in an estate. Go and speak with an attorney in your area though because all her assets need to be placed in to the trust. And if you think that she may not be competent at this point in time to deal with these matters that has to be discussed as well. Good luck.
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