As a medical POA in WI can you take out the same amount paid (self-pay) to a memory care facility and put it in another account so that when the money is gone, the other money cannot be touched by the agencies and Dad can then go on Medicare?
He is allowed to earn xx# of dollars under Medicaid and have xx# of dollars to call his own, there will be plenty of money to buy wedding and other gifts.
Whomever told your sister that information is so incorrect it is not even funny.
You kids will not be getting any inheritance if your dad needs to live in a facility, period. His money is for his care, once it is gone then he can get assistance from the taxpayers and if your sister has skimmed money then your dad will be denied benefits for the amount of time that the money would have paid for.
So unless you guys want to have dad living with you, leave his money alone.
Oh, if he isn't living in his house then it should be sold and that money used for his care.
Since you don't know his financial situation, you don't know what we will or will not get but none of us want anything. There is no skimming in anyone's mindset, we just want to make sure the household bills can be paid out of his money and that he can send a wedding gift of money or an anniversary gift of money to his children or grandchildren if he decides to do that. His house cannot be sold until it has been vacated for more than 6 months, that's in a legal document.
Consulting an attorney that deals with elder care and Medicaid is advisable here, that fee can be paid out of Dad's assets. It sounds like you may be talking about paying family or someone as caregiver in which case it's going to be advisable to set up a contract and have records of payment etc for the Medicaid look back but if you do it properly I think it's all on the up and up and ok. Again an attorney can advise you best for your state etc but you will want to be putting the money in an account that your Dad isn't on and doesn't have anything to do with him legally I would guess.
No, dad is in a facility, they are talking about taking the same amount that he is paying monthly for his care and putting it in an account for gifting his kids and keeping a house he will never again love in.
Very bad plan, this is fraud and a medical POA does not by any stretch of the imagination give you the right to do this. And, Medicare is not the agency, it is Medicaid and they can smell fraud 2000 miles away.
This is a strange question. First of all, if you only have Medical POA, you can't fool with his finances. You need financial POA for that.
Even if you put money in another account, that account has to be reported to Medicaid when applying. Or its fraud. A trust would have to be set up to protect money. But if Dad may need Medicaid within the next five years, that Trust would be null and void.
Medicaid asks for 5yrs of statements. Any large withdrawls from Dads accts would be questioned and there better be documentation to back it up.
You kids will not be getting any inheritance if your dad needs to live in a facility, period. His money is for his care, once it is gone then he can get assistance from the taxpayers and if your sister has skimmed money then your dad will be denied benefits for the amount of time that the money would have paid for.
So unless you guys want to have dad living with you, leave his money alone.
Oh, if he isn't living in his house then it should be sold and that money used for his care.
Even if you put money in another account, that account has to be reported to Medicaid when applying. Or its fraud. A trust would have to be set up to protect money. But if Dad may need Medicaid within the next five years, that Trust would be null and void.
Medicaid asks for 5yrs of statements. Any large withdrawls from Dads accts would be questioned and there better be documentation to back it up.
You need to consult a certified Eldercare attorney before attempting to move any of your dad's monies around.