Asset protection (how to)

[thenomad]

What is the name of your state? CA

I am in a strange situation here. My mom is coming to live with us, from a foreign country. Even though she has heath insurance overseas, it is not possible to transfer her insurance or make them pay for anything that happens while she is here. She is old. Together with not being in any imminent danger, due to her age, my wife is throwing a tantrum saying I was jeopardizing our financial future. To some extent she is right. She mentioned putting all our assets (we have 3 homes with about 200-250k equity in them total) into a living trust and if something happens to mom, they can only come after us, not the trust. From what I have read, trust is a very lousy way of protecting assets and creditors finally may go after the trust's funds, albeit later than they could go after us as individuals.

Does setting up a trust the right way to go, or should we incorporate or any other advice that you can give is really appreciated.

 

[seniorjudge]

Tell us what your mom has to do with your assets.

 

[msiron]

and why would you want to potentially ruin your marriage & give up your privacy to have your mummy live with you?

If she has/affords health insurance surely she must have some money or property she can liquidate for an assisted living facility here.

my wife is throwing a tantrum saying I was jeopardizing our financial future.

This is code for 'I don't want your mother here'. Your wife must have self control because my tantrums would be saying "NO f'ing way' or we're divorced.

You'll be posting in the divorce section here within a year.

 

[thenomad]

To SeniorJudge
Since I am the one saying the US consulate that "I am the responsible party and my mom will not be applying for welfare or being a burden on US economy, her responsibility is on me and eventually on my wife.

To Msiron

and why would you want to potentially ruin your marriage & give up your privacy to have your mummy live with you?

If she has/affords health insurance surely she must have some money or property she can liquidate for an assisted living facility here.



This is code for 'I don't want your mother here'. Your wife must have self control because my tantrums would be saying "NO f'ing way' or we're divorced.

You'll be posting in the divorce section here within a year.

My question is/was for asset protection not soliciting advice from you or anyone else about marital and/or family counseling. It is my situation that I do not feel like divulging any more details. I know how women feel about mothers in law or anything inlaw for that matter but I am not the spineless type of man to lay down and die when wife says something and take it like gospel. If you have any suggestions to my asset protection question, I'd be more than happy to read your suggestion. Otherwise I will not entertain your marital advice on this forum category any further as it is irrelevant to the topic.

 

[ShyCat]

So, you're willing to swear that ""I am the responsible party and my mom will not be applying for welfare or being a burden on US economy", all the while trying to arrange things so your Mom will become a burden to US taxpayers.

Nice.

Either your mom should stay home, or you really put your money where your mouth is.

 

[tranquility]

No, a living trust will not protect your assets. The only value is it might take a moment longer for a creditor to find them. The only trusts that protects the assets are irrevocable ones where you no longer own or have full rights to the assets and a certain-type of trust called a "spendthrift" trust.