So a little back story, my grandpa's mental health is declining rapidly. He needs to be put in a home, but has all of their money just sitting in a checking account. Idk the exact number but my best guess is 300K.
They don't have any investments, no assets other than a really small house, and a 2017 Toyota Camry. Plus a checking account with their life savings.
My grandma isn't going to be in a home for quite a while and is wondering what she can do to protect herself from the nursing home taking all their money. Can she withdraw a large amount without being penalized by the nursing home when they go through their finances?
My mom is on her way to see a financial advisor, my grandparents are super old school and reserved about stuff like this, so she hasn't been taking anyone's advice or even planning anything because she doesn't know the first step to take.
What's the best way for my grandma to maximize money for herself without raising any red flags?
We are in Ohio if that matters. Any advice helps.
EDIT: My mom just informed me the lump sum is in savings, and there's a small chunk in checking. Bank is PNC.
Submitted August 24, 2017 at 06:43PM by clvIV http://ift.tt/2wCK3bG
