Q: My mom passed last month and my dad is now in an assisted living home. He needs money for his care, can we sell assets?
My dad doesn't have a will and I am not sure he can actually get one because he has communication issues. Also, if he now wants to gives away property to his children, would this hinder his ability to get medicaid because it would be viewed as dumping assets in order to be fully funded for services?
A: You may need to have a conservator appointed by the court for your father if he is unable to handle his own financial affairs. If he has the capacity to make his own decisions, he could appoint an attorney in fact under a power of attorney to assist in handling his financial affairs. Depending on the value of his property, it usually is not a very good idea for him to give assets away at this stage of his life. He probably needs the money, so he should not be giving gifts to others. And yes, he could be disqualified from receiving Medicaid for an extended period of time if he gives assets away to become eligible for Medicaid. The length of disqualification depends on the amount he has given away. You should consult with an estate planning attorney for more information.
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