My 82-year-old mom is in assisted living with moderate dementia. I am POA. Her financial planner suggested I get an elder lawyer after I asked her to explain to me how to access my mother's dwindling investments. I estimate that mom can afford about a year and a half of assisted living before she runs out of money completely. She is moderately well and it seems possible she may live many more years. I don't want to spend money unnecessarily on a lawyer if I can manage things myself. I have an accountant who can tell me about the tax issues. My plan after assisted living depends on mom's wellness. Not sure if she will be ready for a nursing home or if she will have to come live with me. My sister made it clear she has no intention of helping financially. I'm a social worker and my husband's retired. We have a fixed income but would do what we have to to help mom. So many unknowns.
I think though that the financial planner felt you should see an elder lawyer just in the process of managing your mother's care. I assume an attorney did prepare the POA; I think you should see either an estate planning or elder law attorney to get the POA upgraded to a DPOA, given (a) your mother has moderate dementia, and (b) typically POAs aren't as broad in scope as a DPOA.
If your mother doesn't have estate planning documents and/or a trust, or an advanced directive (sometimes called a Living Will), I would consider an attorney to gt these in place before the dementia progresses.
From what you wrote, it seems as if you have a good understanding of what's involved and are already addressing it. Just think about expanding the authority you have so that it's in place as the dementia proceeds.
The red flag that is waving to me is your moms current AL situation. For medicaid, AL is paid by a waiver or a diversion of Medicaid funding by each state uniquely. As such, alot of facilities do NOT participate in the waiver program as it is not dedicated funding (like NH Medicaid $ is). So Does your moms AL have Medicaid beds? And if so what is the path for her to get into one? Usually it's 2 years private pay. But often it is not guaranteed. Why? cause as its a waiver so it changes as waiver programs tend to have a 5 yr funding run. So find out ASAP if there will be a bed for mom.
If not, then it's Plan B (sorry brad! Lol) & here is where the atty can be especially valuable. They will know what the best path is to get mom into and onto Medicaid in a facility and qualify both financially & medically.
Also please please pause before you blithely take mom into your home & you become her 24/7 caregiver. Talk with your SW friends about dealing with aging elderly before you do this.
If she is established in a home that accepts Medicaid, you are already a step in the right direction because most all decent AL homes require a certain length of private pay before they will allow Medicaid. If she is not already, wisdom would get her into an AL that accepts Medicaid asap, hopefully one that also has a higher level of nursing and/or memory care so she can stay in the same facility if the need arises later.
An eldercare lawyer can help with preservation of what she has left. They know the laws of the state and the county and what is allowed and not. Our lawyer cost apx $7000, but operates legally and with full disclosure. These are key words and actions to look for. It was the hardest but best thing I ever did with my dad's finances, and my only regret is I did not go sooner.
I suggest setting up a consultation with a lawyer to see what they could do for you. You can decide after that if it seems worth it.
The organization is in NYC and called CaringKind. If you are in NYC, give them a call. If not, find out what is available in your area.
However, many elder care lawyers don't know squat when it comes to the real issues...get a solid array of recommendations, please..
Grace + Peace,
Bob
I'm not a financial illiterate, but I'm really glad to have had the benefit of the elder law specialist on my side rather than relying on my own research and what government agencies and nursing home administrators will tell you (which may not be accurate).
Especially since your financial advisor made the recommendation, I'd take the time to at least have a free consult.
The attorney works on the elders behalf, not yours. Those documents drawn by an attorney will protect you later. That was my concern. I knew my sister would be a problem, so I whenever she tries to sue me, the courts can see that mom's best interests were at heart.
I was also given advice on how her finances, VA benefits, Medicaid etc. If you have any siblings that are problematic and you think they will be a problem later - hire an attorney.