By skyforbes I've recently become POA for someone who is moving from rehab facility into nursing home for the first time. Trying to navigate his lack of finances and no family help but make sure he has what he needs.
Currently he has only SSI to live on, plus some equity in a reverse mortgage.
He has a small amount of stock in a company, value is around $1500. He is being approved for Medicaid now.
Can I cash out that stock for him? I want him to be able to afford a private room (around $300/month extra paid for by the family) and that would take care of that for a few months.
Also trying to not lose his house. It's in a reverse mortgage but if he makes rehab progress he obviously wants to go home. But we can't pay the insurance and utilities and the home will take his entire SSI. He has a small life insurance policy that he will not be able to keep up since he won't be able to pay the premium. Should that be cashed out as well? Will that go against him income-wise?