Could the spouse of an Alzheimer's patient set up a spendthrift trust with his spouse's assets and serve as the trustee
Phoenix, AZ
Viewed 258 times.
Posted 11 months ago in Trusts
Flag as objectionable
spendthrift trust for Alzheimer's patient?:
Could the spouse of an Alzheimer's patient set up a spendthrift trust with his spouse's assets and serve as the trustee? Would this then allow him to ensure the spouse will more likely have sufficient assets to pay for medical care and any other life necessities without being able to fritter the money away on nonsense--such as jewelry?
Can the Alzheimer's patient agree to such a trust (in the early stages of the disease) to protect that person from wasting his funds. (Alzheimer's patients are VERY attractive to scam artists of all sorts, but not all scammers are recognized as such and CAN get away with the ill-gotten funds in many cases.) Answers (1)Keith
Posted 10 months ago.
Flag as objectionable
You would have to take all of the facts to an attorney for evaluation. If it can be proven by medical records that the diagnosis had already been given prior to the date that the Alzheimer's patient signed the trust, it could be invalidated but be careful about accusing the spouse of wrongdoing until he has provided an official accounting of how he spent the trust monies--he may have receipts to prove he spent it all on her medical care.
Back to Search Results
Next question: Sister needs to be stopped! Previous question: Marital obligations for the necessities of life |