Can a family member freeze assets in a law suit realting to a living trust?
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Can a family member freeze assets in a law suit realting to a living trust?
Creditors can attach a living trust - what type of lawsuit? What is the relationship between the "family member" and the living trust?
This may very well be a question to be answered by an Attorney following a review of the trust documents and may vary by State.
More specific: the ability to have a husband or wife that have separate living trusts freeze assets of one anothers because of a belief that their individual estates need to pay for their own long term care. A husband, in this instance believes that it is not his responsibility to pay anything out of pocket, even though in CA, for his wife's Alzheimer's future care...
My research says no. However, the long term care provider can sue and attach the trust for payment.
This is a question for an Attorney - and a possible revision of the living trust.
Ok this is helpful. If a husband and wife live in California and they have separate living trusts, how is the monthly community income (pensions, Social Security income) handled for long term care? More specifically, what is the husbands legal financial responsibility to his wife?
Since California is a community property state then the assets would be combined and then be split. So the absolute lowest legal obligation would be the 50% that existed from community funds. Are you worried that either of you may enter a rest home and your trying to shelter assets from the government?
Also you should know that the trust can't be created for that purpose within certain time limits of entering a long term health care facility.
These questions were specifically for our stepfather and mother. Our mother has alzheimers and our stepfather doesn't seem to feel he has any legal obligation to take care of his wife because of their separate estate wills. (they also have a joint). He feels that the assets in her estate need to be liquidated for her care, and that his income is for himself only.
Ok, now your getting me confused because there are very specific rules for specific terms. Is what they have set up wills or trusts? It can make a huge difference. Is she in a rest home at this time?
They have a joint revocable Trust, individual wils, and separate property trusts . They are currently in an assisted living facility with advanced Alzheimer care unit.
How long before (they?) went into assited living was the trust established?
It was established 6 years before
This explains it with more detail then I can type here. You might want to look at the links.
Ref:
Medi-Cal: California eligibility & asset protection; protecting income, spouse
California Medi-Cal Traps to Avoid: Application, Time to Apply, Income / Asset Limits
Thank you for your help!
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