irrevocable trust for you? Given you power of attorney in case he gets to a point where he can’t make decisions about medical care and financial things? What about a DNR so he doesn’t end up in a coma for years at the end of his life?
I’m so glad my mom had these conversations with me and my sister. I wish we did more to protect her savings but at least we saved her house. I just think a lot of kids and their elderly parents don’t realize how easy it is to lose all assets at the end of life. And you can’t do anything about it at the last minute. Medicare does not pay for longterm nursing home stays and in order to qualify for Medicaid to pay for it, you have to spend down everything you have first. Thankfully, my mom was only in a nursing home for her last 6 months. But that cost $10,000+ a month for just basic custodial care. At that point, the money can go fast. And if you run out of money, they will want the house.
Even if your dad won’t talk about this, I highly advise you to do some serious research on your own about how Ohio law affects all this. Maybe even have a consultation with a lawyer who specializes in elder law and estate law. I’m so glad we did that.
