My brother and I along with two cousins own a farm. My mother was a life estate on the farm but signed it over to my brother and myself and in return the agreement of $70,000 would be paid to her when the farm sold. We are in the process of selling. Where should this money be put to protect it in case she has to go into a nursing home? Should my brother and I put it in a joint account or should it be put in my mother's account?
Consider a personal care agreement for care in your home. Charge market rates, pay the income tax, etc. and do what you think is right with the money.
For example, put it in an account in your name, with your brother as an authorized signer or beneficiary.