My grandmother's memory has drastically declined. She cares for my special needs aunt. It has become very clear that my grandmother will not be able to handle my aunt's full time care much longer. My mother is disabled and unable to help. I am looking into options to move my grandmother and aunt down to Texas with me. I need advice on how to protect my grandmother's finances. Within the foreseeable future, I believe my grandmother will need full time care. This will either mean I figure out how to take care of her myself or put her in assisted living. My grandmother wishes for a majority of her assets to go to the family member that will be taking care of my aunt once my grandmother passes. Is there a way to enact a trust or something to protect her assets from assisted living facilities so that the money is available for my aunt's future care? I am very new to caring for an elderly loved one and I am lost on how to go about this. I never imagined my spitfire of a grandmother would lose her memory, so no one was prepared for this. Please help. Any advice you can foresee my needing is appreciated.
She must have some type of control of your Aunt's finances you need to find out about these things as well. If there is a trust she may be trustee if this is the case you need to find out the guidelines as to who is successor trustee or any beneficiary, she may have the trust covered by such a circumstance. You may want to cover the care of your Aunts finances and care in the wording in your Grandmothers P.O.A. Example You could have her P.O.A. worded that her Agent/Attorney in-fact (YOU) , has the power to make all decisions for your Aunts care needs and finances if your Grandmother becomes incapacitated or unable to do so herself.
This is all just to start off. Make several copies of all these documents for future believe me you'll need them. Keep one copy for you one if someone else needs them and a spare just in case. After making copies keep the originals in a safe secure place. Oh and if her spouse was a Veteran she may be receiver of benefits. You will need the discharge papers for that too.
Most assisted living facilities are private pay. It may be in your best interest to put your Aunt and your Grandmother in a apartment and apply for a medicaid provider that can come into the apartment daily. If she would not qualify for that it might be cheaper to just check on them once a day and make them a meal. If she is not on medication for her memory try to get her on some, it will help slow the memory loss down somewhat. My mom is on a generic for Execelon which seems to work well, and my dad is on Aricept. An elder care attorney can also set up a trust now for money for your grandmother and aunt, Make sure this is an elder care attorney you talk to. National Academy of Elder Law Attorneys This is a nonprofit organization which, among other things, provides a locator service for elder law attorneys nationwide. Hope this gives you some help.
I have gleaned a lot of good advice AND read lots of others' experiences here. Very few 'judgements' are passed on this forum. Lots of sympathy and EMPATHY!! We are all in a similar boat. Take care and keep in touch.