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My dad was just placed in a nursing home. Mom has passed already. What are KY laws for estate handling?
Anonymous3 views2 answers
One child has power of attorney. Two are joint executors of their estate. We are doing private pay for the nursing home but are unsure how long we will be able to do so since parents and children do not have large amounts of cash. Dad however was a business man and owns home, acreage, vehicles, buildings that he leases for income (only 1 is leased currently), and lots of machines and equipment. Us four children would like to try to sell some equipment and assets to pay for his nursing home stay but as for the home, property, vehicles and one building we would like to keep and sell/transfer to our names. We've heard this can be a problem if we have to file for Medicaid at any point. Any suggestions or information would be appreciated.
You really need to have your father meet with an elder law attorney. As long as he has capacity, he can do what you are discussing, if he and the attorney agree that that would be the best option. (If he has sufficient assets to pay for his care for the next five years, that may be the way to go. If your father does not have capacity, then I do not believe this is something you can do. The agent under the POA is required to act in your father's best interests only. Transferring assets out of your father's name and into the children's names would not be something the agent can legally do, in most cases. This would be considered a breach of fiduciary duty and self-dealing.
James Frederick
Given your fact pattern, I cannot stress enough how important it is that you retain an experienced elder law attorney as soon as possible. He or she can walk you through the options which may be available to preserve the assets which your mother and father worked so hard to obtain.
Hopefully, the attorney will find that your father retains capacity, as it will be far easier to do the necessary planning if your father comprehends what's going on and can sign the necessary paperwork. If he does not have capacity, then the attorney will have to see whether the power of attorney can be used to the same effect. Good luck to you and your family.
