Caring for elderly parents in California is challenging in the best circumstances. If they need help with their finances, you may have concerns about whether they spend money wisely, or if they succumb to undue influence by caregivers. The attorneys at The Law Firm of Lan Quoc Nguyen & Associates often assist clients with estate planning for their aging parents.
You may believe that if your parents have a will, it covers everything they need. However, a will defines where assets go after your mother and father pass away. Trusts protect them while still living. According to Caring People, setting up a trust can ensure elderly parents receive the care they need for years to come. There are several options available, and you can customize many of them to meet the needs of your parents’ specific situation.
- A living trust, also called a revocable trust, contains the assets you and your parents want to protect. It names beneficiaries who will inherit from the trust. The grantor, your parents, may change it at any time.
- An irrevocable trust allows your parents to keep their assets while still qualifying for Medicaid. It also ensures the family home remains in their possession when one of them dies. Beneficiaries must approve any changes.
- A testamentary trust protects one spouse when the other passes away. A trustee makes all financial decisions, removing control of finances from your remaining parent.
Depending on the circumstances, a Power of Attorney may also benefit your parents. It can help family members make medical decisions when your mother and father cannot do it anymore. Visit our webpage for more information on this topic.