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Old 06-10-2009, 07:56 AM
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Loan against annuity?

What is the name of your state? California

I will be the Guardian of my elder sister who has terminal Alzheimer's/Dementia. She receives a $1500 monthly annuity from my father's trust. (it's a 15 year annuity) Her monthly expense at the (a) care facility is almost $5000 a month with possible additional expenses. I will try to apply for Medicare to defray some of those costs but they will not cover it all. The annuity is locked down tight and cannot be touched. So, I was wondering, when I become her Legal Guardian is it possible to take out a loan, in her name, using the annuity as collateral to pay for her care costs? Then, when she passes all the financial obligations would be resolved through probate, wouldn't they?

See portion of thread posted here:

[url]http://forum.freeadvice.com/elder-law-powers-attorney-living-wills-advance-health-care-directives-115/where-apply-guardianship-471016.html#post2280287[/url]What is the name of your state (only U.S. law)?
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Old 06-10-2009, 09:44 AM
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Since you are obtaining replies on your other thread, please delete this one via clicking on edit.
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