When my elderly father was becoming careless with his money and giving it away to anyone he perceived to be in "need" ($1,000 or $10,000 at a time), we managed to convince him to give my brother power of attorney - ostensibly to make health care decisions, but in reality, the family moved his funds to a new account that dad didn't know about.
This was likely illegal as it was done without his knowledge, but it proved invaluable as it let us afford expensive home health care in the last few years of his life and avoided the need to move him to an assisted living facility (which he staunchly refused to do).
It took all of his retirement savings and most of the equity in his house to pay for it.
If he'd continued giving away all of his money, as his health declined, he would have had to be moved to a state subsidized care facility when it got to the point that he needed more care than family members could give him at home.
This was likely illegal as it was done without his knowledge, but it proved invaluable as it let us afford expensive home health care in the last few years of his life and avoided the need to move him to an assisted living facility (which he staunchly refused to do).
It took all of his retirement savings and most of the equity in his house to pay for it.
If he'd continued giving away all of his money, as his health declined, he would have had to be moved to a state subsidized care facility when it got to the point that he needed more care than family members could give him at home.