Posted by: tumbleweed
Comment: #2
Thu Jul 17, 2008 7:57 AM
Gloomy in the East, you need to get your father to a elderly financial planner lawyer. When my mother past away there were 40 -55 year old women hanging around my 86 year old father. As soon as they found out the property was in the children's names, the antiques were gone and he didnt have money to hand out they left. It is beyond me that men dont understand what women really want. Some women also have blinders on.
If there is a need to file for Medicaid, they will look back 5 years into your parents finances. Money given away is a problem, they may deny services for the amount of time that the money would have covered services. You need to read up on Medicaid rules when there is a spouse living and when one of them has past away.
Beware of a lawyer or financial adviser that wants money put into long term investing that can not be liquidated when needed or at death. Also beware of anyone wanting to move in with your father. It may take an eviction notice to get them out. My father would not let anyone stay overnight. He said he found a law that once invited, even one night, they could stay, and eviction would be necessary if they did not leave on their own. Worked well, so I didnt question it.
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