My father is rapidly depleting his resources, spending $150,000 a year under the table on care. He is of sound mind but is physically disabled from Parkinsons. He loves his caregiver and she does a great job but my family is very upset by his spending so much money and not bargaining with her. He's 93!!! and could live a lot longer. What happens if he runs out of money? What's the next step especially if the caregiver leaves? Can he be easily placed in a nursing home?We could not care for him. I'm a nurse and could not manage ie get him up, etc.
In short, your Dad needs a lawyer to straighten this mess out. I suspect that paying penalties and taxes will deplete his assets even faster.
When Medicaid is applicable, there is a waiver program that will pay for in-home services. It certainly won't be at the rate the current caregiver is getting paid, and it won't be for 24 hour care, because at that point a care center is more cost-effective.
soo ... unless Dad is on hospice and not expected to live much longer, I'd say a lawyer is the best bet.
Of course he loves this caregiver (I won't be offensive here) Dig a bit deeper my friends. As a nurse wouldn't you like an annual salary that high?
If you do a search on the top right, you will find more on the topic. I typed "spending down and medicaid"
Below are some threads/discussions you might find useful.
https://www.agingcare.com/Answers/what-is-5-year-look-back-medicaid-154959.htm
https://www.agingcare.com/questions/the-legal-way-to-spend-down-assets-before-medicaid-qualification-135066.htm
https://www.agingcare.com/questions/spend-down-and-gifted-money-162425.htm