My father has been diagnosed with Stage 5 kidney failure. His doctor has given him 6 months or less to live. My parents don't have a living trust, because my father wouldn't pay for it. I would like to set things in motion now (if dad agrees to this) so that I can have access to their finances to pay for her care. She is completely healthy, but her mind has failed her.
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Your attorney will walk you through the details and accomplish this as quickly as possible.
LIVING TRUST
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fill out papers etc, and take it to notary, and take it to the Main Court and IT SOUNDS SO EASY, DOESN'T IT?
Paralegal is another name that just popped up in my head. They may be able do it cheaper. Do look up paralegals in your area, they may be able to help you. And people who are studying law have to get practice, so check in with the courts, sometimes they have student assistants who can help you file and fill out all this paper work, it is good study habits for students who need to excercise.
GOOD LUCK, check out your main court and paralegals. It may be cheaper and easier than you think.
I believe my cousin went to Office depot and got the forms, followed instructions, and finished it himself...Seriously. But that was over 12 years ago.
We did consult a Certified Elder Attorney to hash over the options. He cost us $2k, that's all, so shop around.
The annual report was the only paper work required to be submitted to the court. Took me about three days to juggle the numers to get them to balance.
I should have use a CPA. One reason was that I paid for nearly every thing so I could save her money for unplanned expenses in the future. I was allowed by the court to spent up to $250.00 a month of her money in the checking account. I could not touch the money in the savings account because of the amount saved exceeded an amount set by the state law.
This why I say check your state laws before you decide and consult with a Certified Elder Care Lawyer to hear all of the options.
No cost there, free. It cost more for parking and mailing.
My primary conern was that one of the professional Guardians would file for Luz's guardianship and kick me out of the picture entirely.
To read what I am talking about, do a search for "April Parks in Las Vegas."
It is an eye opener.
Things may be very different in your state, so please do your home work.
I actually found one online for my mother. Best decision I ever made. It needs to be notarized and you need a witness other than the notary to sign as well.
I got one for my mother
And if Dad makes a "fuss" about it Guardianship also would be the way to go.
We all have opinions & personal experience testimonies. Yet each situation is personally different and specific in details. Your attorney needs to line it out for you. Your attorney can also give light as to how the expense for all this can be paid at no cost to you, but paid from your parent's funds for this is all being done for them.
Blessings
Your father can give you power of attorney for himself, which would be a good idea besides; but he can't do that on your mother's behalf so at some point you're going to have to go through the process anyway.
When did your father receive this diagnosis? How is he coping with that, and in general?
If your Dad is on Hospice the Social Worker might be able to help you out with this discussion. (and just because it is me...You should contact Hospice for your dad, they can help make things so much easier for you, your dad, mom and the whole family)
So if you only have a POA, a person with a guardianship can trump your POA.
That is why I filed for and was granted guardianship for Luz. And yes the annual accounting was really tough. I should have hired a CPA to help so I coud keep the four remaining hairs on my head. It also depends on how detailed the annual report is. I simply told the judge I had supported her for nearly fifty years and would continue to do so. And I did. Although I still kept records of what I bought for Luz with her SSA money. And what I bought for her with my money, like underwear, bed pads, special clothing, etc.
Now I am filing to terminate the guardianship and filing to be the only legal heir for what is in her name or what we owned jointly. There are no other living heirs in this country. And her sister will not object.
Best of luck to you.