Legal Question in Family Law in New York
Are elder's assets safe if their son is POA for 1.6 years?
My 79 year old dad has no solid assets except for a savings & checking acct. and a $100K C.D.My older brother became POA 1.6 years ago (I don't know which type of POA he has). Are his assets safe, and if he enters an assisted living facility for seniors, what do they do if his assets run out before he's ready for a nursing home?
Thank you
1 Answer from Attorneys
Re: Are elder's assets safe if their son is POA for 1.6 years?
It would be improper for an attorney to provide you with legal advice without having first analyzed all of the facts and circumstances of your particular matter.
However, I will try to provide you with some information.
If you are asking whether your father's assets are safe from your brother, the type and contents of the POA are important. If the power is effective presently, your brother may have authority to transfer assets. If the power becomes effective if your father becomes incapacitated, your brother may be able to transfer assets then.
Each assisted living facility may be different. It is possible that your father may not be able to remain in one if he can no longer pay. At that point he would probably be eligible for Medicaid. You would have to explore your options with Medicaid.
You may want to consult with an attorney. If you would like my assistance, please feel free to contact me at (212) 971-1384.
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