My dad thinks he knows the laws and doesn't want to hire elder lawyer. Thinks it's a waste of money. But he has too much for government assistance. He may need to go to a nursing home but doesn't know how to protect my moms portion of their house and investments. They don't have a whole lot but enough to not get any assistance. Any nursing facility or home care they will have to pay for. He is afraid they will eat up all they have for his care and she will have nothing left to live on. Help?
DO NOT DO NOT agree to do this!!!
This is why you NEED an elder law attorney, to protect mom.
Maybe you could find an elder law attorney to attend this family meeting? Nothing worse than starting this journey and not knowing the facts.
I see this going to where dad wants a family volunteer to provide him 24/7 care. Then mom when it becomes necessary.
If Dad needs LTC, thats when u look into Medicaid. This all depends on ur parents assets. I am just giving u an overview.
My GFs parents had 60k in the bank. Medicaid had that split, she got 30k, he received 30k. His half needing to be split down. Not sure how the SS and pensions were split but the Mother was not made impoverished. She remained in the house and was allowed one car. From the recovery paperwork I received for my Mom, a lean will be put on the house upon Dads death but as long as Mom lives there, no recovery will be made until she sells or passes.
At this point, with the 5 yr lookback, I don't think Dad will be able to protect any assets. I do suggest talking to a lawyer who knows Medicaid.