Can we set up a custodial account for our elderly father? - AgingCare.com

Can we set up a custodial account for our elderly father?

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Looking for a way to protect our recently widowed father who has some money from being taken advantage of - can we set up a custodial account - payable to him - for his money?

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I have a similar situation, I am my mother's POA and she has money from my deceased father's investments coming in regularly. My brother took advantage of her. He took her to the bank and drained her savings of $10,000.00. Asked for cash in 50s and 20s. He said she needed to borrow it and would pay it back within 2 months but no money seen yet. She is not deemed incompetent and can deposit and withdrawal money as she wishes. How do I protect her from him manipulating her again and taking more money. Can I put this money in a seprate account in my name if I am POA without looking like I am stealing her money? She has given me written permission to do so but I still fear It will look like I am embezeling her money when I am trying to protect it. Advice?
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Things you need to know before attempting.Go online and read the do's & don'ts of a POA?
Poas are not allowed to barrow,transfer funds,accept gifts or gift,charge for service.POAs are not allowed to be "Joint" on their client's bank accounts.
Medicaid goes back 5 yrs.Do you plan to keep your Father out of a nurcing home for the next 5 yrs?Any funds you touch of your Father's.If he would go into a nurcing home and exceed his funds.Medicaid will go back 5 yrs seeking any messing funds.If funds are messing/spent,moved, transfered ,gifted,donated ect in the past 5 yrs of the time he exceeded his funds.The nurcing home will ask him to leave until these funds are recovered.This means the POA is the feller to come up with these messing funds not reported.
I say 5 yrs because,if your Father has came accross a large sume of money.
You should think of a Trust for him and the family.Keep in mind?Anything you decide to do with his money must exceed 5 yrs time before a nurcing home.
If you place his money into a trust and that trust exceeds 5 yrs.The nurcing home or Medicaid can't touch it.Some call this a Medicaid Trust.Depends on how much money he has in his accounts/savings ect.When it comes to nurcing homes and Healthcare.$100,000 will be gone in a yrs time with the price/cost of a nurcing home ect.Nurcing home cost varies from $3,000 - $8,000 per month.
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a bit more information would be helpful…….what is dad's living situation; what does he need money for (groceries, medical co-pay, going out on dates!); what is dad's cognitive ability…like can he deal with a debit or credit card & write checks; & what is your fear or what has happened that has been an issue???

Do you or a sibling have all the legal done, like DPOA, MPOA etc?
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