So my father needs a home aid full time and its been funded through his ira's. My fear is that we will use up all of the funds and i still have to worry about my mother. They have 2 houses and whole life insurances all in the trusts name. My question is can i use any of these to pay for my parents care? I thought you cant use proceeds from the irrevocable trust for their benefit. Im confused. I want to keep him at home but having trouble utilizing equity in these assets.
Thanks
2 Answers
Helpful Newest
First Oldest
First
Yes, as I said, I LOATHE irrevocable Trusts.
This is just the sort of serious issue that comes up with irrevocable trusts, which I loathe. Yes, the money is protected. For YOU in all likelihood. But now, in the case your parents need care it is you or the highway, as in kicked to the curb and in need of government minimal care via medicaid in a likely substandard care facility. And there for SURE is nothing for in home care which is horrifically expensive.
I know that people want to give money to their kids but that's a massive mistake in my humble opinion. Our money should fund our care. Your parents would now be well set without this irrevocable trust, and now no one likely can do a darned thing about it. The money and homes no longer belong to THEM OR TO YOU. They belong to a Trust. And TRUST ME, Trusts don't give a darn.
See an attorney with your questions. Best of luck out to you. Hope you will update us on what you learn and on your plans. It will greatly help others in their decision making.
ADVERTISEMENT