If my elderly mother sells her home and uses the money to rent an independent living apartment, what is the best way to handle the money?

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What is the down payment and monthy charge for a large one bedroom apartment?
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You may want to consider a living trust. This protects her assets to some degree. (there are great articles on the subject on this site.)
Currently, there is a "look-back" period of 5 years, should your mother ever need Medicaid assistance.
If you are asking about "management." I have created accounts for Mom at our local bank. I set up an online bill pay account so I can manage her funds and pay bills...such a timesaver.
Also, do you have your Mom's PoA for both medical and financial? You may also want to become a "signer" on her bank and credit card accounts in case you need to pay a bill or purchase something for her. Do not place your name on any account or investment as 'joint' unless you are prepared to take financial responsibility.
It is always a good idea to consult an elder accountant or lawyer for more complex issues.
good luck
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