Setting up Trust for Elderly Parent?
My father is 85 and in an assisted living facility. I am his POA. All of his money is in standard investments, etc.
When he passes away, all of his money will be subject to the hefty estate tax.
Can I set up a "trust" of some kind for him, that would eliminate some of this tax?
(I visit with an elderly woman and her POA / daughter has checks that say "elderly woman's name Trust" on them, that the daughter uses to pay for various things for the mom.)
When my dad passes away, we need money to go to his children (not his grandchildren or charity, etc.)
Could a "work" in this situation?