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Is it necessary to update a living trust?
Anonymous4 views3 answers
My mother owned a home in California, before marrying my step father. She put all her assets and home in a Living Trust for me, trusting I will take care of him if she dies first. He has no insurance and if he ends up in assisted living, would I be responsible to pay for his care from my mothers home?
There are special rules that apply to "community spouses", so that your mother would be allowed to keep a portion of her assets, if her spouse needs long term care. If your mother dies first and all of the assets pass to you, then I do not think you would be liable.
Your mother should visit with an elder law lawyer to make sure that this is correct, given how she has structured things. These situations are always highly dependent on the facts of the case. A lot would depend on the timing of different events, as well. A lawyer can help you sort this out.
James Frederick
You should have an honest conversation with your mother. If her wish is to make sure that her assets are available to care for her husband her putting the assets in a trust where you are the sole beneficiary may not accomplish that task.
As noted by by colleague, she needs to speak with an estate attorney with expertise in elder law so things they do don't negatively impact them under medicaid and other issues. She needs to talk to an expert and get a trust that will accomplish what she desires.
There are numerous issues that you need to have a local estate planning attorney address to determine if the living trust should be updated or whether you should look at a different option. I agree with both of my colleagues analysis of your situation.
