My mother is already on waiver and approved to move to the LTC community from independent living where they reside.
My father, however has dementia and it is advancing and this past week just learned that they both are ready and need to move ASAP from independent to LTC. They have small amounts of debt, however it is not CC's.
The debt they have is within their bank account.
They have an installment loan, a line of credit and a "visa" (i guess line of credit) or a "virtual credit card??". I am on their bank account with them because of my father's dementia.
When looking at the last 5 years:
Do they want the last 5 years bank statements physically?
Do I need to be removed at this point so I am not responsible for these debts?
Do I need to go to the bank manager (Who I know) and let him know what is going on tomorrow?
I do not have a POA at this time, but my father is more than willing to sign one if needed.
My parents also have a handicap accessible van that they purchased while qualifying my mother for the elder care waiver. They still have that van with 300,000 miles on it but it works awesome. This would be an asset at this point, however face value is quite low.
If we do not keep the van there is no way to get my mother out and about for example to family gatherings. Advice?
Any help would be fantastic or further thoughts in this process.
We live in the state of Iowa