My parents put some money in a Trust this year and have some 401k monies they live off. I do not believe they will last the “5 year wait” before needing SNF. I have all the different POAs and handle their finances. I am speaking with their financial advisor next week about this. My siblings want to start getting their inheritance before any snf’s get ahold of it. I personally would rather have inheritance also, but I want to do what is right for my parents. They trust me on this. If we drain all their money and they maintain at this level, then they are hurt. If we wait to long then their money is taken.
What do you do?
You want us taxpayers to pay for your mothers care? NO, the money is to be used for her. If there is nothing left then you and siblings get nothing.
You want her to sit in a Medicaid facility with 2 to 3 a room, TV's blaring, screaming and more when she has money to be in a decent facility and well cared for.
This is sad.
do you have to be so hateful and angry. Maybe I am new to this. Please keep your rude opinions to yourself.
Because I do think it is an utter shame when someone would consider taking their parents money while they are still alive, impoverishing them and putting them at the mercy of what the taxpayer can give for their last years in care at a substandard facility. To me that's either an utter shame or it's not knowing how to be a POA to an extent that is shocking.
Your parents investments is for THEIR OWN CARE.
WHEN you draw it down is for WHEN THEY NEED IT.
Your siblings cannot get their money unless you do some really questionable "semi-legal machinations that are in my opinion morally reprehensible.
As POA, considering doing this to "enrich" your family is entirely illegal and a breach of your Fiduciary duty to your parents. To say nothing of your moral duty.
I would be ashamed of such behavior in my siblings. As my brother's POA and Trustee I would have read them one heck of a riot act.
They would impoverish their parents to the extent they needed LOOKBACK (translate you are considering Medicaid for them, and Medicaid facilities instead of a good ALF or MC) rather than use the funds they saved for their care ON their care? There has to be a special place in Hades for such behavior; it's enough to make me wish I believed in such a place. I find that morally despicable behavior.
I hope you don't have some horrid attorney who wants only to get you all a bang for your buck, instead of protecting your poor parents. But given our times I cannot hold out a lot of hope on that one.
I honestly wonder at your asking us this question, when your Fiduciary duty and Moral duty imho is to protect your parents from graft and corruption.
What's "right" for your parents is that their money be spent on private pay care for them. They can live to 102 like my uncle did. I hope they do.
Their money is supposed to pay for their care, wherever that might occur, until it runs out.
You seem not to understand your duties as POA. Please get clarification--NOT from a "financial advisor".
Wow.
And inheritance is not a given--it's a 'possibility'. And it's tacky, to say the least, to take it when your parents are still alive and needing care. This will come back to bite you, hard, if the time comes and they needed that money.
Not to say people don't do that all the time--doesn't make it right.
We stand to inherit a pretty sizeable amount of money when/if my MIL ever dies. HOWEVER...every cent she has is currently being earmarked and used for HER CARE. All 3 of the kids would have MUCH PREFERRED that MIL's money had been used for her personal care in a lovely SNF.
So maybe, if she dies someday, they'll all inherit a sizeable amt of money--none of the needs it, all 3 WISH she would move herself to FT care, as opposed to the nightmare we have been living.
The words that jump out at me are "their money". That's what it is: THEIRS. And inheritance is not guaranteed.
And people will surprise you and live far longer than anybody could imagine. The costs of EOL care is significantly more than a simple ALF with them living fairly independently. You need to take stock of that.
The money that they have put away for their "old age, their golden years" should be used to provide the quality care that they deserve.
I personally have a very dim view on people "hiding" assets to allow taxpayers pay for care that could be paid for. And I am sure that the care that they could pay for is of higher quality than what they would get if they were on Medicaid. (and most places that accept Medicaid want at least 2 years of "private pay" before subsidized payments kick in)
From this point, if you have questions from greedy family, it is best to not share information if you can do this. You can remind them if they continue with badgering you, you will need legal help to respond to them which will further affect their inheritance if anything is left.
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