Dad is 77 and has dementia and alzhiemers and will soon be needing nursing home care. He gets about $2200 a month in retirement and has no assets. I have POA and am handling all care and financial transactions. He has 2 small life insurance policies that he pays monthly that will cover funeral costs. With him just being over the income limit, I'm not sure where or when to apply for medicaid. I've read a little about a funeral trust or some such term that we could use to reduce his income but don't know where to start.
One item that's got me a little worried is that for a couple of years, I was having his retirement check deposited directly into my checking account because of his financial state (CU would not open a checking account because of foreclosure, reposessions, and unpaid debts). I now have it going into his savings account and just transfer the money to me when I right checks for his monthly bills/expenses. Also, he helps support my disabled brother with about $500 a month and during the medicare gap it is upwards to $1000 (comes to about 10k a year). This has been going on for about 2 to 3 years.
Just needing a little guidance! Thanks!