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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.
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Thanks. Yes im battling with this, I think they should be able to use the money for their care. I know what my parents set it up for, but dont think they thought of having to need it for LTC down the line. I would sell the assets tomorrow but im getting mixed info. One attorney says you can but must leave it in the trust. Im not confident in that. I have a meeting with a elder attorney, Ill report back. I was hoping someone went through this same scenario
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AlvaDeer Apr 8, 2024
Well, I for one cannot see how assets in a Trust that do not belong now to YOU or to your PARENTS can be sold. THAT is a new one on ME. I would get a really really good Trust and Estate Attorney in on this one.
Yes, as I said, I LOATHE irrevocable Trusts.
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This is a question for attorney.

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.
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Demosaki Apr 8, 2024
Yes I can sell them if i wanted, Im the trustee.
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