I have a lot to unload here.
My mother recently moved in with my family because she’s having memory issues and likely has Alzheimer’s disease. My husband and I both work full time and we have two young kids that we pay for full time childcare.
My mother is 70 yo and retired. She has NEVER let me in to her financial information. So this has all recently been dumped on me. I’m now her POA and Healthcare POA. She has about 100k invested with a financial advisor with a 1.5% fee. I am going to need to change that - any recommendations on finding a financial advisor for a retiree that doesn’t charge an AUM? She also gets social security but that’s all her income. I am in the process of selling her cars and house.
I’m also wondering if anyone out here has dealt with their parents getting on Medicaid… I know it’s different in each state. It seems to me that I could benefit from the advice of a lawyer that specializes in Elder Law but then my mom is the client. Happy to take any advice here this is all new to me.
I have some appointments with the Alzheimer’s Association resources in my area so I’m moving along there. We’ve also got some upcoming tests ordered by her neurologist.
On the personal side, our budget is very tight right now with daycare and current expenses. I need to take some money from my mom each month to help with food and bills. She wants to give me all of her money right now so I am not worried about convincing her of paying rent but more about the tax implications and potentially Medicaid looking back at her spending and trying to seize money whenever she ends up in long term care. She does not have long term care insurance. Medicaid looks back 5 years at expenses. How do I properly reimburse my family for these expenses in a way it won’t be seized by Medicaid in the future? Again, I think an elder law lawyer can help with this but am happy to take any thoughts or advice from this community.
