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You need to go talk to the state agency that will pay for his nursing home when his money is gone. In Kansas that is SRS. They administer Medicaid. Those folks will require that his money be used until his balance reaches a set amount. After that they'll pick up the bill. It's far more tricky than it sounds so talk to those folks. When the time comes for them to pick up the bill they will look back for a period of time, the "lookback period", to see if money was distributed with intent to avoid using it for his welfare and thereby getting the govt to pick up the tab sooner. If they find that, they'll come after it and they may well press charges. You need to have a good understanding of this. They will exempt some things from the "paydown". It's complicated. I see no need for an attorney on this but you do need to talk with someone in the know. I'd suggest you start with the govt agency that administers Medicaid. My father was in a similar situation to yours and was spending down his money for my mother's nursing home (over $4k per month including medication) and what we thought would soon be his nursing home, as well.
I am not an expert but unless your state has some oddball law I would not think whether an account bears interest or makes income would have any impact whatsoever. Distributing that money without having all the facts is just asking for big trouble, in my opinion.
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