So, my 91yo dad (depression, Parkinson's) was diagnosed with 'moderate cognitive impairment' in mid April. He's currently in a geriatric psych ward (for the next 1-2 weeks), but, fortunately, I had already gotten health care proxy and POA signed, and my name is on his checking account. We've got most of his finances under control, but I have a couple of questions...
1. Can/should I cancel his credit card? I don't believe he has it in his possession any more. I'm assuming we will need to pay the balance if we do? And how exactly do I cancel it?
2. The good news is that he has longterm care insurance, and I'm told they will be sending him a check pro-rated for the premiums he paid while in the 90 day deduction period. With POA, would I be able to cash that check and deposit it into his account?
3. We established a revocable trust for the house; our elder lawyer has suggested getting bank accounts in the name of the trust. There's only $10K left in checking, so I'm not sure it's worth the trouble--and Dad's got a home equity home loan, and I'm not sure how to handle that.
Any suggestions appreciated...
2. Read the LTC policy carefully, avoid mistakes.
3. If you are going to ignore the lawyer, you might regret it later.
4. Home Equity---again, read the terms carefully, avoid foreclosure. If the house is going to be sold, the loan will be paid off at the closing. Your lawyer will get a closeout figure and take care of that.
5. I hope your name is on there only as a signatory and not as a joint account. If it is joint, his bad credit rating could become your bad credit rating.