Protecting a LO money

Cas Sister

I hope this doesn't sound greedy. My sister has Alz and she is mid stage. She is resisting in home health aides and the main reason is money. She actually has plenty of money. She has lived alone her whole adult life and even though she never made much, she saved and invested well. But when i try to get health aides in she says she wants her money to go to us (her 4 siblings) when she dies. Having spent hours on this site in the past few weeks I see that while I (Poa) will keep her in her home as long as i possibly can (her wish), there will probably come a day when she needs a MC facility. I visited a few just to get "the lay of the land". We all know how expensive they are. If she were to go to one she could live there for 12 years at 84K per year. As I said - she saved every dime she ever made. Now I'm learning that there is a 5 year "lookback" clause so presumably ALL of her money would go to the facility and she wouldn't be able to leave money to the siblings. Also, I am the co owner of her savings and checking accounts but not of her investments (where 90% of the money is). If i'm co-owner of the investments could the MC place take that money? My husband and I are very lucky to be financially set but my brothers would definitely benefit from any money she could offer them. I guess I'm asking how do I protect some of that money for her siblings? I'm perfectly happy and willing to pay full price for MC care for 4 or 5 years but I don't want them to take everything she ever saved. Thanks in advance for any advice you can offer.

terei

You need detailed legal and financial help from a CELA (certified elder law attorney) possibly working with a financial expert. Laws very from state to state + this information is situation specific. I can tell you that being the co owner with your sister on an account will not protect it from any financial obligation she might incur.

Do not start shifting money or selling assets until you have a detailed plan in place. You could easily shoot yourself in the foot.

M1

You definitely need to consult an attorney. However, in all likelihood the answer is going to be that her funds need to go to her care primarily.