I am helping my parents whom both have chronic conditions find out what they may be able to get help wise, such as medication help, and other assistance. My dad inherited money from his parents when Grandma passed away in 2013 of which there is only around 80k left. They have and are using it up quickly with the cost of supplemental insurance and medications. So that they may qualify for more assistance, can they put all but about 2k into our trust in a separate account that they also can access? Here is a break down of their situation....
1250 Dad Social Security retirement
550 Mom SS
165 Dad pension (paid to mom if he passes first)
400 Rental income on free & clear rental (sold on contract to my son , but he moved back here and Dad just rents it out)
350 Rental income on free & clear rental (property has been in my sisters name for over 10 years)
Assets in their name
60k Value (f&c) primary residence
10K Value (f&c) office building they use as storage
80k Cash in checking and saving
10k value of 2 vehicles owned f&c
Question also, is the paperwork where my and my Dad signed the contract for deed enough to show ownership? There was never a secured interest mortgage filed with the County. Should the rent money be put into the trust every month? They really need to move as they live in a two story house with laundry in basement. They are having great difficulty getting around and its frankly dangerous. I am going to check into options for them for retirement home here or there or they move in with us maybe. It would cost so much for them to make the house accessible to them and my sister and I both live in this area. My parents have not filed taxes in I think 10 years also (Mom just hasn't gotten them around...uggh) I'm sure they have missed out on a lot of money.
What is your suggestions. I know there can be time periods on transfers of assets to qualify for certain programs.