Is it too late to set up a trust?

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M

MAFlatt Asked October 2016

Is it too late to set up a trust?

We have applied to VA for aide and attendance for my dad who has dementia and is in his 90's as is my mom. They moved into assisted living earlier this year and we have recently sold their house. The proceeds have been set up in a separate savings account while we spend down their checking account. My question is; should the savings account be set up within a trust? I was told repeatedly during the VA fiduciary interview that VA does not look at trusts. Is it too late to set up a trust for this money?

Financial Planning

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score 1 · Answer 1

I think this is an issue that would be better presented to an attorney, who has VA experience in his practice area. You're asking a question that is probably beyond the scope of we lay people here.

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score 0 · Answer 2

My question is more to the point of complying with VA requirements of A&A. My parents understand trusts and have two trusts, one for each of them. This would be a trust for the proceeds for the sale of their house.Specifically, should a trust have been set up before the money was deposited.

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score 1 · Answer 3

Are you parents able to understand the basic issues of creating a trust? If not, it's not likely that an attorney would prepare a joint or individuals trusts for them.

This is a difficult issue to assess; many people don't understand trusts anyway; they're complex, and some of the ramifications aren't obvious when trusts are created.

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Is it too late to set up a trust?

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