Thrillobyte
Junior Member
What is the name of your state (only U.S. law)? California
My mother has a Revocable Living Trust with two pieces of real estate in it. She is 89 w/ mild dementia (can carry coherent conversation but repeats herself a lot and cannot reason out some simple problems). My brother and I are the beneficiaries. My brother is out of state and does not contribute to any of her care. I take care of her personal and financial matters as the co-trustee while she resides in an assisted living care facility. I have managed her funds in a totally responsible way and have not touched a dime of her own money as I have sufficient monies for myself. But her bank account is running low as a result of spending nearly $4000/ mo. for her care. She refuses to sell any of the RE to pay for her assisted living expenses but cannot comprehend that she needs money to pay for the expenses. I have some funds to help her but it could run into several hundred thousand dollars over her projected lifespan and these are my retirement funds. I am afraid that in her aged confused mind she will at some point get angry at me and change the terms of the RLT to leave both RE properties to my brother or someone else. Then I would lose my retirement monies that I spent to help her. Is there a way to convert the LRT to an Irrevocable one w/ me as the sole trustee and beneficiary? If so, can it be done via some kind amendment to the original Trust rather than create a whole new Irrevocable Trust? The RE could then be used as collateral and then reimbursement for the money I pay for her care. The Irrevocable would stipulate that my brother would receive a monthly bequeathement as he is religious and likely to donate any sizable inheritance to his local church, something my mother would abhor. My brother and I have a good relationship. Thanks for any input.What is the name of your state (only U.S. law)?
My mother has a Revocable Living Trust with two pieces of real estate in it. She is 89 w/ mild dementia (can carry coherent conversation but repeats herself a lot and cannot reason out some simple problems). My brother and I are the beneficiaries. My brother is out of state and does not contribute to any of her care. I take care of her personal and financial matters as the co-trustee while she resides in an assisted living care facility. I have managed her funds in a totally responsible way and have not touched a dime of her own money as I have sufficient monies for myself. But her bank account is running low as a result of spending nearly $4000/ mo. for her care. She refuses to sell any of the RE to pay for her assisted living expenses but cannot comprehend that she needs money to pay for the expenses. I have some funds to help her but it could run into several hundred thousand dollars over her projected lifespan and these are my retirement funds. I am afraid that in her aged confused mind she will at some point get angry at me and change the terms of the RLT to leave both RE properties to my brother or someone else. Then I would lose my retirement monies that I spent to help her. Is there a way to convert the LRT to an Irrevocable one w/ me as the sole trustee and beneficiary? If so, can it be done via some kind amendment to the original Trust rather than create a whole new Irrevocable Trust? The RE could then be used as collateral and then reimbursement for the money I pay for her care. The Irrevocable would stipulate that my brother would receive a monthly bequeathement as he is religious and likely to donate any sizable inheritance to his local church, something my mother would abhor. My brother and I have a good relationship. Thanks for any input.What is the name of your state (only U.S. law)?