If the person lacks legal capacity, then DPOA revisions are not feasible. If the person is single, then less Medicaid LTC prep is likely needed as there isn’t a well/community spouse to protect.This is interesting. I'll need to check the DPOA document. Do you recall the nature of the "Medicaid-required powers?" If we're still not within the five year lookback, I'm going to assume that this would not be relevant. But, I would rather be certain. Revision of the DPOA is likely out of the question at this point as the person has dementia and resides in a memory care unit. …
The specific powers were added as we knew my parents’ portfolio could not sustain $25k/mo in net spend for LTC costs for more than 2-3 years so a Medicaid LTC or VA Aid & Attendance application were a high likelihood.
There were about 5-7 specific powers added (even though the original DPOA powers were unlimited). The ones I as agent needed as part of the Medicaid LTC process were:
(1) ability to set up Trusts for both spouses like the prepaid burial plan trusts
(2) transfer of assets to effect the transfer of car and house titles from joint owners to the individual name of the well/community spouse.
(3) to purchase a Medicaid-compliant SPIA for the community spouse.
Statistics: Posted by HomeStretch — Sat Mar 01, 2025 1:24 am