My dad went in for surgery six months ago and never woke up the same. He is not mentally there. My dad is pretty well off but didn’t leave a Power of Attorney for his finances. I had to find a lawyer to help with that. The lawyer recommends that we take all of my dad’s bank accounts, investments, and life insurance and cash it in. Putting all monies in an account with the POA as an executor, but all of the sibling’s name will be on the account. He also recommended we put all his properties in all of our names. His reasoning is after five years, my father can apply for Medicaid and not risk losing his assets. ( He’s self-pay and can financially afford to do so for the next five years) anyways, I am having major anxiety over all this. I am scared something could go wrong. I am worried we are making a mistake. So I guess I am looking for advice or if anyone has been in a similar situation. Thanks so much
Just get a power of attorney if you can get your dad to sign.
Maybe get a second and third opinion from another lawyer(s) and then go from there. Sorry about your dad.
Seek alternative opinions with various lawyers consults are cheap or free make the decision based on various factors. I’d only get 1 power of attorney. Multiple will cause issues.
The lawyer is correct, we lost all our grandmas things because of the 5 year gap on assets, some cases on different things it’s 7 years so get another lawyer to verify everything, best of luck
Do not put it in everyones name! We had a family member forge the poa papers in her name & got everything when she passed
I would get some more advise just to be sure. I’m sorry your going through this. I hope and pray all your siblings are on board also if not it makes it even harder
If you don’t trust that lawyer get a second opinion.
Proceed with caution! My grandparents did this and ended up having to go into a nursing home a couple years later. They go back 7 years into finances and ANY money that was transferred or given away had to be paid back by family to cover nursing home expenses. AND Medicaid would not cover a dime!
Sadly, in their eyes, you arent allowed to spend your own money “IN CASE”
Definitely get a power of attorney
Also…if he is not of sound mind anything (including POA) that he sign is not valid.
Sorry about your dad
Just sign your dad‘s name may God will sign a damn thing don’t worry about it they will never look at that
Putting it in all your names doesn’t sound right and potentially messy. Maybe have a one person designated for that . Get a second opinion.
That actually sounds like a very smart plan. He WILL lose everything if you have to put him in a home. To feel better, seek out the independent opinions of 1 or 2 other lawyers. Tell them you are coming to them for an independent opinion, and don’t tell them what the other lawyer has told you. It sounds like you may need your father to be deemed incompetent by the courts first though, and a Guardianship established. Ultimately, random people on the internet aren’t going to have answers for you. Get into those other lawyers to get more professional opinions.
If you can get all his assets under a trust, it will be protected. Things need to be out of his name for 5 years then you can apply for Medicaid. They go back 5 years. Multiple POA’s is fine, as long as you all can agree. If not, someone needs to designate one. Push for POA and healthcare POA. Get his assists under trust for protection. POA needs to be someone who is there and can be there when needed!
went through all this with my parents, pm me anytime:blue_heart:
Go talk to another Lawyer and see what they say
Just don’t take the ones advice, shop about with Lawyers and see the best way for yous to do things… sorry about your daddy x
I think if he does not have the mental capacity to beable to sign a poa paper it needs to be applied for in court. You can’t just start messing with someones finances without the legal right to do so. I would talk to another lawyer. This sounds like you could be putting yourself in a bad situation by liquidating assets that you have no legal tie to while he is still alive
I would get a consult with one or two more attorneys
Seek the advice of one or two other (estate) attorneys. Asking people online for advice is risky.
His reasoning sounds like he knows what he is doing. Average cost for a year in a nursing home or skilled facility can run upwards of 80,000+ a year.
This worked for my grandma. And her 8 kids.
Correct, courts must decide!
He’s right. It might sound “sketchy” but it’s better than everything he ever worked for going to a nursing home he could have gotten for free if he didn’t work a day in his life 
Did the same thing with a family member here. Listen to your attorney. That’s why u hired him
Put his assets in a trust with one executor.
Id speak to another lawyer and do research. If he isn’t of sound mind now he can’t legally sign a POA. Personally I wouldnt put everyone’s name on everything. I would go ahead and divide the property up and put in whoever is getting it’s names. That way further down the road it’s not such a Hassel. As for the money portion look into trusts. They should be protected. Sorry about your dad
He gave you the right information
Apply for a Guardian ad Litem through the courts. They can assist you to ensure that everything is done fairly and accurately.
Lawyers correct - you’re always welcome to get a second opinion but all you’re going to do is waste money on consultations
Hes right. If he goes into a nursing house, they action off everything he has and that money going to the nursing home to care for him. So yes it’s best to put his belongings in someone elses name so that doesn’t happen.
We just went through this with a grandpa
Yes listen to your Attorneys
Get more then one opinion! X
I would get a second opinion but it seems reasonable to that. I know if you sell or give away large amounts of property you aren’t entitled to Medicare services through the state but that doesn’t seem to be a big issue
If it’s proven that his assets were transferred solely for the purpose of obtaining Medicaid in the future. They can deny him and/or seize his assets, or make everything be ‘sold’ off then pay back any Medicaid benefits used. I worked for Medicaid for quite some time, I’ve seen it happen.
They are right you gotta get the assets out of his name or the facility he goes to for long term care will take every single penny until it’s gone.
Don’t seek legal advice from Facebook.
Unless you are willing for your dad to lose everything he has worked for all of his life go with this lawyer,I’m 66 yrs old and have some health issues not major but I have made my daughter my p.o.a…just to be safe
That’s what my parents did. It was the only way for them to not lose the house and all they had worked for when they needed care. There is nothing wrong in protecting his assets for your family’s future.
If you don’t get it out of his name,the Medicare or medicade will get every single bit to go towards the nursing home.
Consult a fiduciary.
Your lawyer is telling you the truth. We went through this. Don’t waist time. Get it done.
That’s what we did all my mom’s stuff was put in all 3 of our names
Is it only 5 yrs now? I thought it was longer… I wouldn’t wait as they will make him sell it all… any money will be used up
Lawyer is 100% right, the hospital will start seizing his assets
If dad’s mental state is deteriorating at a face pass act Now! If he in the beginning stages, try to include him as much as possible. I would draw a legal document that agrees to separated properties for children involved but for sanity sake I would put everything in 1 persons name, with the understanding it will all be split when that time comes… Sorry for your fathers situation
Former paralegal chiming in… I’d speak to a different lawyer for second opinion because I’d recommend putting everything into a trust based on all the poa/trust/estate work i did. Not in all childrens names. One trust that covers all bases with a single executor.
Listen to the lawyer and get it done asap.
Yes do that sell off everything and combine it into one bank account. Make it so that two people have to sign to get money out. But have another account set up for his monthly and day to day expenses that his primary caregiver will look after. You can have a certain amount go into that account monthly
He is correct Medicaid has a spend down law so all assests have to be out of his name for 5 yrs for him not to have to spend it to qualify
First of all. Take a step back and a deep breath. Be thankful you still have dad around. Now. Take the lawyers advice. Depending where you live and what those state laws are. Yes. You kiddos have to be on his accounts. No need to transfer things. Just have your names added as policy owners. Do not allow a “business” to make those decisions. Every financial business is only about making money off of you. They will tell you to transfer all of his money to them and they will “help” you. For a fee of course. That is where most people make mistakes. Be very careful about what you sign. Read everything thoroughly. Although it is easier to allow financial institutions to so called help. Their only purpose is to make money off of you. It is even worth including a lawyer and paying their fees to make sure you and your siblings are secure. Good luck. Lots of money sharks out there.
Get many opinions! Also in my personal experience as a home health aid, putting everyone equally in charge very very rarely works out and it’s such a sad and frustrating thing to watch what is usually the family that was the least involved while the client was living and couldn’t be bothered with visiting or helping at all but then once they pass they WANT IT ALL in the estate😒 Pick someone who can be trusted to execute his wishes and make them the only name on the accounts and such and let them do the distribution. Do transfer upon death’s on houses, cars, whatever assets that you can, if not transferring them before his passing bc medicaid and nursing homes will take EVERYTHING HE EVER WORKED FOR if it’s still “his” when these issues come up🙄 But there are so so many things to factor into a situation like this so yes, I’d go see 10 lawyers if you feel you need to! One mistake can hold up an estate for so long😱 And no matter how close a family may be, for some reason once money comes into the equation ppl show terrible, awful sides of themselves and I promise you I’ve seen it so so many times😔 A person works their whole lives to leave something to their family and one person being selfish ends up eating up so much of what was even there with lawyer fees, court costs, appraisals and estate sales…estate sales are a disgusting process that i only recently learned how they truly work and they want to make a k***ing off of everything or they won’t even take it😕 You’re usually better off selling the things yourself, one piece at the time but not everyone always has the time and the resources to do so and so this is a thriving business that offers literally PENNIES for an entire house. Being prepared can really offer you a unique opportunity that most don’t get to set things up in a way that will make all this as easy as possible once the worst happens. Good luck to you all
it is a shame your father didn’t have a will already made up & have all of this done already. But if there are other children, they all have the right to everything, including what & where his money goes. And I am not too sure about the Medicare part, Every person who works/worked & paid taxes, there are some monies that goes into their SS account, in which , at any age they are allowed to take from, especially if disabled. No matter how much money they have left in their bank account, Now as for a nursing home, yes, if there is a house, that wasn’t sold in the past 5 yrs, they do & want to get those monies, But nursing homes are very hard to get into , these days. Very long waiting list. Mostly people go into LTC faculties, which wherever you live, cost a lot of money monthly. But if needed, your father deserved that care, if no one can care for him at home
The only thing I would add is don’t cash in the life insurance. It will bypass probate. Especially since he doesn’t have a will. Good luck 
I don’t have any experience with this but what I would do is write down everyone’s suggestions from this post. Get a second opinion and ask the lawyer about all of the suggestions and questions you may have from this post.
You lawyer is absolutely correct. Went through that dealing with my father, he had Alzheimer’s and yes to get Medicaid to pay for the nursing home ( memory care facility) was ALOT. And they go back 5 years. So yes I preplanned his funeral ( omg hardest thing I had to do) had to sign it over to the funeral to get ownership out of my fathers name. But I did have POA… so removing assets helped but didn’t because the Alzheimer’s moved so fast and my father died within 2 years. Hope this helps some but yes remove all assets from your fathers name because the state will take it all if applying for Medicaid. He’s allowed 1 car a home and no more than $1000 in the bank( not quite sure trying to remember) and no more than an acre of land. Sorry your going through this. I’ll be praying for your dad and your sanity 
You need a trust set up
See an attorney who can do that so he doesnt lose everything. We just did that for myself and husband recently. You want an attorney who does elder law too
Good luck!
my question is what is in it for the lawyer something smells here if you don’t have power of attorney
Do it. It protects his assets in the long run.
I am going through this with my dad. He had four mini strokes in September and has been living with me since. He’s pretty much normal now and wants to go home. My brother and I are now POA for him, we went through a lawyer and had all the paperwork done. We are on his house deed, bank accounts etc. it will protect all the assets when he passes and you won’t have to go through probate.
Always get a second opinion and from an eldercare lawyer. They will advise you on what is best so that your Dad is taken care of and how to handle the estate. Don’t know what your family dynamics are but a lot of times siblings change when money is involved. Also, every state has different laws regarding probate, transfers and legal dispersement of funds. I’m SC, my mother was the beneficiary of my Dad’s life insurance but the house, his car and other assets had to be split between my mother 50% and 4 siblings 50% divided equally. Thank God we had the house transferred solely into my Mom’s name right before my Dad passed, witnessed by the lawyer and two witnesses. Two of the siblings were estranged but when my Dad passed, they got together and had a lawyer try to make claims on the house. All we had to do was sell his car and divide the proceeds up 50/12.5(x4). If it had been up to me, I would’ve given them both a headlight and a bumper. God protected my mother (who used the same
Elder care Lawyer to have a POA and Living Will drawn up). Same lawyer made sure my Mom was taken care of with Medicare, SS and her secondary insurance.
Elder care lawyers do mother but protect the interests of the elderly so no one takes advantage of them AND eliminates any disputes with others. Sending you prayers of strength while you go through this. You gift is living these last days out with your Dad on his final journey. Savor the good memories.
Place it all in a trust for security and control. This will protect the estate and you will bypass probate without losing control over who has access to the funds. Even if you don’t think that any of the siblings would use the funds without consent or discussion, money sometimes makes people do what you would never expect.
I would recommend you get a duel power of attorney to start with. That way there is two of you making decisions.
I would get a second opinion and be sure that only the poa can access those accounts no one would want miss management of that money
Get multiple opinions/consultations!!! If you dont feel confortable and you are having anxiety seek other legal advice for sure!
You can get a 2nd opinion.
One suggestion for you. Take his life insurance, and make his funeral arrangements. I know it sounds terrible but easier to do now than later. You can buy the plot, stone with his name and date born
, casket and pay for the service.
Get a bunch of opinions!
Whatever you do at least try and work together.
Do not cash in life insurance.
Please speak with a real estate attorney about the properties would affect him and all of you
Had to have my mom declared mentally unstable. Got power of attorney, had to do a spend down.
I would say do as attorney says. If not government will get everything and his care will suck. If you do it the way attorney says , Money will be in your names and you can add to what government pays
Get a second opinion.
That is partly bad advice. Only 1 person should be poa and executor. You’ll have to go to court to get custody. Get a second opinion with a different attorney.
Sounds like good advice especially if his mind is not the same, just make sure nobody can access these funds, my situation is somewhat similar, make sure all ur ts r crossed, everything signed with witnesses not related, good luck!
Make sure you and your siblings get power of attorney not the fiance. Don’t cash nothing in yet. I would get q second opinion.
Do it.
Protect his assets. Personally, I’d have the lawyer the final say on any money leaving the acct. An estate lawyer can pay bills and such. If it’s the kids, if one gets froggy, it’ll be a huge problem.
Use his life insurance to prepay his funeral now. Anything left should be put in a trust, to be split, after he passes.
Let this be a warning, have a will, medical proxy and arrangements made bc you never know.
I’d listen to what your attorney is saying
Been there, done that 3 times now for family members. The state your fathers assets are in will really make a difference. Your attorney is giving you good advise. The only change I would suggest is to not put the assets in individual names, but instead put them into a Trust with an assigned Trustee. A trust will protect the assets from individual liability. For example of one of your siblings is at fault for a terrible vehicle accident - they could pull those assets into a lawsuit if they are in individual names. But the rest, if very true-protect what monies are there and preserve what you can.
My dad had any assets put in a trust. My youngest brother is the executer of his estate. That way there was no fighting or no one taking money when they weren’t supposed to. You can figure out who should control it . With my father in law his 2 oldest kids are on everything. He will be out of money by the summer so not sure what he’s going to do. He’s in a memory care unit right now.
What kind of shady lawyer are you going to for advice and which child us leading the greedy pack. It is his money and he needs it!!! There is a huge difference in medicaid care and private insurance, plus Medicare, and private funds. You all are only interested in getting his money. And yes it just takes one friend or relative to take you to court!!!
You are anxious because you know what you all are doing is wrong.
They will take everything he owns and money before he can get Medicare or anything . My MIL had a brain tumor they found after she passed out , they took what money she had before the Medicare would kick in , and her home is there the only reason is because someone else lived there with her at time , and still does . Had no one lived there it would have been sold and used all that money as self pay before also !
Get everything out of his name .
Well,you will get lots of advice on Facebook but I wouldn’t accept it as gospel. MY advice would be to find another lawyer and get a second legitimate opinion.
Consult with a trust lawyer first for a second opinion.
Medicaid will take all the assets so be careful
Need a trust for all his assets
I was shingling if u place it in everyone’s names that can cause major issues !Usually best to have one executor !If it’s in everyone’s name ppl can use it as pleased !Get more opinions please!Sorry you’re going through this !
This is EXACTLY what you need to do. My mother in law had Alhzeimers and my husband and I had to do many of these things. In box me if you want to talk!!
Listen to your lawyer. Sounds like he’s trying to make everything split and still see your dad taken care of as well
I’m sorry to hear that about your father
Discuss this with your siblings and get the opinions of another lawyer or 2, see what they say
I would follow what the lawyer is telling you
Get a second opinion and ask about getting everything in a TRUST. with a trust you won’t have to pay taxes on it as you would if it was a gift. Trust creates cheaper taxes and some loop holes. Please do some research about trust.
As a former Medicaid caseworker he’s correct. Medicaid will take everything
Legally there’s an order of ‘next of kin’. If he’s not married, doesn’t have living parents then his children are next in line. ALL his children. Even if he appointed 1 of you to handle his affairs the others could sue that sibling. So your lawyer is right. An account needs to be set up with all the siblings names on it. I talk to the bank & set it up so all of you have to sign off on every withdrawal. That’ll prevent 1 from taking all of dad’s money. It’s still his money & he’s going to need it to survive. His money should only be spent on him & his care. No personal purchases by any of his kids. When he passes the remaining money after all his expenses & bills should be spilt evenly between all of you.
The best way to protect his assets are to put everything into an LLC with a business name, put everything in the business name and make POA the Managing person for the LLC. All those assets will be untouchable!
Always always always have a POA for medical AND financial if you’re going for a big surgery. You never know what will happen, you can always undo/redo later if everything goes fine. Prayers for you and your family
Yes, put everything in your (siblings) name. Before applying for Medicaid.