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<blockquote data-quote="rlsnights" data-source="post: 412635" data-attributes="member: 7948"><p>No you cannot be your own trustee. You may be able to set up a trust for yourself but it must be administered by a separate trustee and you cannot have any control over the management of the trust. Once you put money into the trust and the terms of the trust are invoked (i.e. maybe it doesn't start until you are house-bound or placed in long term care) I believe it is irrevocable and you will have no direct access to the funds. That's the point of such a trust. Eligibility-based programs like IHSS or SSI will not count it as an asset because you do not have any control over the trust and because it is protected and can only be used for things that these programs will not provide.</p><p></p><p>However, I am not an attorney and can only speak from my understanding of the law as it is practiced here in our area based on our personal experience. If you are seriously considering this then you will need to talk to an estate planning attorney in your region/state.</p></blockquote><p></p>
[QUOTE="rlsnights, post: 412635, member: 7948"] No you cannot be your own trustee. You may be able to set up a trust for yourself but it must be administered by a separate trustee and you cannot have any control over the management of the trust. Once you put money into the trust and the terms of the trust are invoked (i.e. maybe it doesn't start until you are house-bound or placed in long term care) I believe it is irrevocable and you will have no direct access to the funds. That's the point of such a trust. Eligibility-based programs like IHSS or SSI will not count it as an asset because you do not have any control over the trust and because it is protected and can only be used for things that these programs will not provide. However, I am not an attorney and can only speak from my understanding of the law as it is practiced here in our area based on our personal experience. If you are seriously considering this then you will need to talk to an estate planning attorney in your region/state. [/QUOTE]
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