When to put money into Special Needs Trust?
I am the trustee of my brothers trust. Which I haven't set up a bank account for yet. Mom will need some of her money to pay taxes on the money she will get for selling property. There is also a legal suit against her. I don't think they will win. But you never know. I think it is for $10,000. Not sure. Taxes to be paid on selling property for $200,000. To be paid over a year. Also she has large expenses for day to day living. For her and my brother. And she might need to pay for a nursing home one day. She is 89 years old. So how do I figure how much money to put in the trust to keep nursing home or others from getting most of her money. And when to put the money in. I don't want to have to do the paperwork and manage the trust anytime before I really need to do it. My brother is 52 years old and has a personality disorder. Can't keep a job. Is on SSI, and food stamps. He recently moved back with mom full-time.