Got a call from my parent's financial adviser that my father is starting to lose it. His doctor said something about a year ago, but since we think he has undiagnosed Asperger's, odd behavior is not unusual. His drivers license was revoked a few months back, and I think it was about 10 years too late (scary scary driver!). His mother had Alzheimer's and so did her sister. I assume he is going down that road too.
My parents have trusts set up, but I'm not sure what assets are in it. Besides their home, they don't have much else that is valuable. I am setting up an appointment with an attorney so they can update their wills, figure out the trusts, get power of attorney for myself (my siblings, both out-of-state, have no problem trusting me and leaving me in charge). I think I also need to talk to the attorney about Medicaid spend-down since I assume my father will end up in an Alzheimer's unit and that will take care of most of their investments/401k/IRA money, so having their house to sell once he dies will help pay for any of my mother's needs. She can't handle the money and will be relying on me to help her out.
Has anyone been through this and have any recommendations about how to structure anything, any pitfalls of nursing homes, etc? (please no "I'm so sorry to hear this" - it is what it is and although I live close to my parents, we don't have a close relationship. My father was a helicopter parent long before the coin was termed, my mom is super-critical).
My parents have trusts set up, but I'm not sure what assets are in it. Besides their home, they don't have much else that is valuable. I am setting up an appointment with an attorney so they can update their wills, figure out the trusts, get power of attorney for myself (my siblings, both out-of-state, have no problem trusting me and leaving me in charge). I think I also need to talk to the attorney about Medicaid spend-down since I assume my father will end up in an Alzheimer's unit and that will take care of most of their investments/401k/IRA money, so having their house to sell once he dies will help pay for any of my mother's needs. She can't handle the money and will be relying on me to help her out.
Has anyone been through this and have any recommendations about how to structure anything, any pitfalls of nursing homes, etc? (please no "I'm so sorry to hear this" - it is what it is and although I live close to my parents, we don't have a close relationship. My father was a helicopter parent long before the coin was termed, my mom is super-critical).
Parent with Dementia - any advice?