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You could use an Irrevocable Trust that would get the assets out of your father's name but would be protected from your creditors, have a continuous trustee to hold the funds until your father dies and would set out a division of the property upon your father's death similar to his current estate plan. You will need to get an elder law attorney in the area to create the trust and advise you about how to manage it.
The elder law attorney may have another benefit. You mentioned something that implies that your father served in WW2. If your father did serve during the War there is a Veterans benefit that he could be entitled called Aid and Attendance benefits. A&A will pay up to $2,000 a month to your father to cover any shortfall in his care expenses. To be eligible for this benefit his assets will have to be out of his name but the trust mentioned above would allow him to qualify.
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Thank you for your response. I am the only heir except for my son for $5000 in my Dads Will. My Dad has already recently given my nephew his money he intended for him after his death and that is understood between us all in writing.
I have seen Elder law attorneys who feel there is not sufficient assets to have a trust established.
I did get him aid and attendance from the VA and that is most of the $3000 I mention. Right now my Dads care costs right about that much and I have been supplementing his income so that he can afford it.
I feel I have no choice but to move his remaining money as a recent caregiver was able to get approx $2000 of it and he is such a soft touch at this point
I have noted what you said in the event of my death. Very helpful, I was not thinking of that. I need to leave written instructions for people in the event of this.
Since I am determined to do this do you have any suggestions for how to avoid other problems?? I have already hired at my expense a professional bonded bill paying service.
Im going to rate you excellent service in just a moment I just thought Id mention that I am not the most organized person. Even though it is perfectly clear that I have paid my Dads bills and not wasted or taken any- its only perfectly clear after one spends about five hours staring at my records-sigh! so I thought bill payer would be a good idea. Thanks for your help.
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