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One additional thought regarding IRS income reporting requirements and taxes, if there is no chance that financial assistance from Medicaid will be ever be needed, and if you and your four siblings really are able to amiably share providing everything your dad needs, he could simply gift up to $15,000 each year to every person without reporting the gifts or paying a gift tax and without anyone having to report the gifts as income or paying taxes on it. Such gifts would almost certainly disqualify him from future Medicaid assistance up to the amount of the gifts, so be careful.
Good luck and kudos to you and your siblings -- your parents apparently did their jobs well.
It will be difficult to get together with 5 siblings; sometimes these things begin with the best of intentions and go wonky when say one hubby gets a bad back and another couple has to move out of town for a job, and etc. So take great care you are all on the same page and that everything is legally done.