Anonymous
02/04/2014 23:07
Subject: Setting up a trust for elder parents. Spoke to 2 estate attorneys and getting different advice.
Second atty sounds more on the money, although whether an A/B trust is needed may depend on how valuable the business is, and it doesn't address the question of power of attorney for father if mother predeceases. Is father over 65? I think you have to be under 65 to be eligible for a disability trust, and even then I am not sure how useful it will be for you (main idea is to preserve eligibility for public assistance despite getting a lump sum award or inheritance).
Anonymous
02/04/2014 22:32
Subject: Setting up a trust for elder parents. Spoke to 2 estate attorneys and getting different advice.
My father has aphasia and mild dementia. My mother is caring for him. 3 kids.
They own a house and business and have a couple small bank accounts.
A couple scenarios to plan for:
1. My mother continues to provide care for my father until he passes away. How to set up trust to avoid estate taxes and allow $$$ for my mother to live off of or pay for nursing home costs if it comes to that.
2. Mother passes away before father. Father requires are - we would hire in-home help until we can't handle and then place in nursing home.
Additional info:
-My brother runs thefamily business but it is currently under my father's name and the current will has the 3 kids inheriting the business. Should brother's name be added or should he/we wait until we inherit. Most likely, brother will sell the business as it is failing. would it make sense for it to be passed to surviving spouse first and then to children?
-Current home. Parents want to sell it, but we think they should stay there until one of them passes away, at which point, it is willed to surviving spouse. Surviving spouse will probably sell at that time. If not, it will be be passed on to us at death and tehn we would sell it.
Attorney 1 tells us to set up a disability trust to protect assets. Also suggests that parents not sell the home and have it come to us when they both pass away.
2nd attorney suggest A/B trust and for parents to sell teh house now.
Both attorneys thought that business can go to children after father passes away, although neither one of them seemed that confident.
A lot of this is over my head and due to some issues at work, I wasn't as focused at the meeting (I attended one with my parents) and kicking myself for not paying more attention. I thought the advice we would receive would be cut and dried, but apparently not. So now I have no idea who to trust and what would work out the best. Can anyone help?
They own a house and business and have a couple small bank accounts.
A couple scenarios to plan for:
1. My mother continues to provide care for my father until he passes away. How to set up trust to avoid estate taxes and allow $$$ for my mother to live off of or pay for nursing home costs if it comes to that.
2. Mother passes away before father. Father requires are - we would hire in-home help until we can't handle and then place in nursing home.
Additional info:
-My brother runs thefamily business but it is currently under my father's name and the current will has the 3 kids inheriting the business. Should brother's name be added or should he/we wait until we inherit. Most likely, brother will sell the business as it is failing. would it make sense for it to be passed to surviving spouse first and then to children?
-Current home. Parents want to sell it, but we think they should stay there until one of them passes away, at which point, it is willed to surviving spouse. Surviving spouse will probably sell at that time. If not, it will be be passed on to us at death and tehn we would sell it.
Attorney 1 tells us to set up a disability trust to protect assets. Also suggests that parents not sell the home and have it come to us when they both pass away.
2nd attorney suggest A/B trust and for parents to sell teh house now.
Both attorneys thought that business can go to children after father passes away, although neither one of them seemed that confident.
A lot of this is over my head and due to some issues at work, I wasn't as focused at the meeting (I attended one with my parents) and kicking myself for not paying more attention. I thought the advice we would receive would be cut and dried, but apparently not. So now I have no idea who to trust and what would work out the best. Can anyone help?