I am financial POA for my mom. I think she will not qualify for Medicaid long term care as long as she owns stock, but the Medicaid office sent her a letter stating she did qualify for some coverage through Medicaid. I think I've finally got an idea about how much stock mom owns, and as her POA I am trying to figure out if I should wait till mom needs Medicaid to pay for her a skilled nursing facility to sell the stock. Mom thought that one of her stocks had greatly fallen in value, but it had not. For this reason I thought she had far less investments than she has. Mom was very disorganized and I've had to piece together her financial standing as statements arrive in the mail. I still don't know how many are going to the house we sold, but I have requested they be forwarded by the Post Office. Mom told me the name of her biggest investment and that one we are receiving communications to the correct address. She is now in a great MC facility that does not accept Medicaid. It is slowly chipping away at her savings, but she has enough cash & SS for about 2 and 1/2 more years at her current facility barring any major expenses. She is almost 86 and in relatively good health (no heart, kidney or lung problems, mild diabetes, wheel chair bound, very alert with a shockingly good memory, but mentally ill). Her mother lived till 92, but was walking and caring for her own needs (but living with us) until right before she turned 91. I know that usually people live about six months to two years in a nursing home and most people in our family followed that trend. She has been in her MC for 2 and 1/2 years as of this June. How do you figure out how to prepare for future financial needs? We also need to pre-pay for her funeral as she is demanding that and her stock would cover it with some left over. I know I need to contact a financial planner, but most I've heard of will not deal with anyone that has as little money and investments as mom has. Any advice on how to proceed?
If she is insistent on pre-paying now for a funeral, I would use from her current savings. I would leave the stock alone until she depletes her savings.
Another way to find out is to find her old tax filings as she more than likely had dividends paid or had RMDs or other taxable event. Taxes will have info as to who paid.
You don't apply for Medicaid till about 90 days before the money runs out, in my State. You must be spent down within that 90 days. I would wonder what is the "some coverage" she can get.