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Windfall advice for dad - Serious help needed

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KentuckyBigDave
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Windfall advice for dad - Serious help needed  Reply with quote  

My father called me yesterday to get some advice. I is going to be receiving (already won his appeal through California State) close to $60,000 from Social Security Disability in the very near future.
He is turning 59 years old in December.
Virtually no assets: rents a one bedroom garage apartment, owns a motorcycle... Thats it.
Officially placed on disability in June 2017.
Less than $1200/mo from disability from SSDI; no other income.
At that time they automatically enrolled him in parts A&B of Medicare.
Part B premium being withheld from SSDI.

All medical care has been provided from VA since 2010.

Heart issues.
COPD.
Osteoporosis.
Seems to be having memory issues; progressing.
He has been disabled, and unable to work since 2010...

Long story short; this "windfall" has to extend/last him for the rest of his life.
He wants to move away from California. He asked me if he should buy an old trailer, and a little plot of land out here in Kentucky near me. I just started working in insurance (life and health), but I don't know enough to really advise properly.

1) Should he be on Part B of Medicare if he is on VA insurance?
2) With less than $1200 monthly income, wouldn't he qualify for Medicaid or Medical, if he did have to be in the Medicare system?
3) Any ideas or plans for making this money have the greatest impact, or stretch the farthest?

Please help!!! Thanks in advance everyone.
Post Thu Aug 31, 2017 6:34 pm
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stevejones8487
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Post Sat Sep 23, 2017 3:11 am
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maxweb
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Post Tue Sep 26, 2017 4:29 am
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Peppermint0406
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Interesting post you got there. I actually learned some new things. I am moved with the issues you've been enumerating about your father.

Anyway, have you called Medicaid or Medicare about your issues?

I suggest you save the money in the bank first before you make haste decisions.
Post Tue Oct 17, 2017 10:26 am
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oldguy
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I like his plan to move out of CA, his $60k and his $1200 /m will stretch much farther.
But I don't agree with investing in real estate - trailers lose value - and they are often money pits - septic, well/pump, electric, water leaks. He should keep the $60k, invest in a Bond fund, and use the dividend income. And rent.
Post Tue Oct 17, 2017 3:37 pm
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jenniferbrownz
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Post Thu Nov 23, 2017 8:56 am
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