Legal Question in Elder Law in California
my wife and i are separated. my father (89) is applying for the veterans aid & assistance benefit. he and my mothers (86) net worth is approx 2.3 m $. he is considering setting up an asset protection trust to qualify for the veterans benefit. if i am the trustee will my wife have any access to my parents assets? my wife lives in our home in california and i work in illinois and lease a condo.
Asked on 6/20/11, 7:00 pm
2 Answers from Attorneys
Kenny Tan
Law Offices of Kenny Tan
I do not believe your wife would have any access to your parents' access if your only role is as a trustee for the trust.
Answered on 6/21/11, 1:35 pm
If you are a true arms-length trustee, the assets are in no way shape or form yours and no one claiming against or through you can reach them, any more than if I sue your bank I can seize your account.
Answered on 6/22/11, 1:56 pm
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