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 8 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.