93 year old who's lived in her own home broke her ankle and is now is a nursing facility for rehabilitation, perhaps long term given her age and signs of dementia. My father is power of attorney, can he with or without her consent withdraw monies from a savings or checking account and give as "gifts" in case she is in a home longer than private insurance and Medicare will pay for to avoid being taken by the facility? She is not considered a resident at this time.
1 Answer from Attorneys
No, he should not give away her money at this time given the uncertainty of her situation and recovery. She may need her money to pay for deductibles, medications, or other incidentals. If you are trying to qualify her for Medicaid, there is a five year look back period so any money given away as gifts can be counted back in and penalize her. There are certain items that you can pay that will not disqualify her such as prepaying funeral expenses, paying her mortgage, making repairs or updates to a home. Making gifts especially if she has not regularly gifted in the past could be seen as a breach of fiduciary duty as a power of attorney especially if she has dementia and cannot consent.
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