No one wants to think about a time when their parents can no longer care for themselves. However, specific steps can ensure that, when the time comes, they have the quality care they need.
Setting aside money for eventual nursing home care for aging parents is of paramount importance. Adult children of aging parents bear a tremendous responsibility, particularly when it comes for parents to transition into a care facility. Making the transition easier involves already possessing the financial resources necessary to cover those costs without draining resources set aside for inheritances for offspring long into the future.
The benefits of Medicaid
Many elderly parents rely on Medicaid benefits to cover the significant fees of residing in a nursing home. Eligibility mandates exist for what has been and continues to be a needs-based program. Nursing home residency is not known for its affordability, with monthly costs measured in thousands of dollars. Inheritances set aside for children can be rapidly depleted by creditors and other assets that should be already secured in an estate plan.
Safeguards can take many forms. Long-term disability and asset protection planning are part of estate planning to ensure future eligibility for Medicaid. In addition, trusts can be an effective mechanism, particularly when it comes to shielding assets from potential creditors in the future.
Proactive planning is paramount when finding a safe place to reside for your elderly parents while having them surrounded by skilled professionals. Having the resources necessary to provide them with high-quality nursing home care requires detail-oriented steps. In addition, help from an attorney experienced in this complex area of the law can avoid problems long into the future.