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Posted: 11/1/2021 1:06:15 PM EDT
Link Posted: 11/1/2021 1:13:53 PM EDT
[#1]
It’s complicated but you can’t set up something for someone else that you benefit from. But it’s a good idea to see the lawyer in person and have them explain it to you. As a POA you can only do things that are in that person’s best interests and unfortunately setting up a trust to avoid certain tax implications isn’t something that would be covered by the POA.
Link Posted: 11/1/2021 2:41:54 PM EDT
[#2]
Link Posted: 11/1/2021 5:16:39 PM EDT
[#3]
True it is easier but still was something your MIL would have had to do earlier on herself.
Link Posted: 1/1/2022 5:17:50 AM EDT
[#4]
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Quoted:
True it is easier but still was something your MIL would have had to do earlier on herself.
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Not necessarily an accurate answer.  Check your wife’s POA.  It may specifically authorize her to establish a trust and transfer assets to a trust.

Also, some states permit a conservator or guardian to establish a trust for the benefit of an incapacitated person.  If the state your mother-in-law lives in permits that it may be another alternative to accomplish the same goal even if the POA does not authorize the creation of a trust.  

State laws vary.  No one but a competent attorney in your mother-in-law's home state is likely to be able to give you a definitive answer on this question.  I would strongly recommend working with a seasoned trusts and estates attorney to make sure it is possible and that it is done correctly.

I focus on trusts and estates litigation and a significant amount of my money is earned when people do it themselves and screw it up.
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