Category Archives: Elder Care
Report: Financial Ruin “Baked Into System” Due To Long-Term Care Costs (How You Can Prepare)
Recently, Kaiser Family Foundation (KFF) Health News reported that financial ruin is “baked into the system.” The core issue is that long-term care costs are eating away at the life savings of many people in the United States. It is a very challenging problem. At the same time, there are proactive steps that people… Read More »
Why Won’t IRS and Social Security Administration Like My Power of Attorney?
The IRS and the Social Security Administration (SSA) don’t recognize traditional powers of attorneys (POAs). Forbes’s recent article entitled “Two Times When Your Power of Attorney Isn’t Going to Work” explains why. The IRS says that you must use Form 2848, “Power of Attorney and Declaration of Representative” to allow anyone to act on… Read More »
The Difference between Power of Attorney and Guardianship for Elderly Parents
The primary difference between guardianship and a power of attorney is in the level of decision-making power, although there are many intricacies specific to each appointment, explains Presswire’s recent article entitled “Power of Attorney and Guardianship of an Elderly Parent.” The interactions with adult protective services, the probate court, elder law attorneys and healthcare… Read More »
How to Be an Effective Advocate for Elderly Parents
Family caregivers must also understand their loved one’s wishes for care and quality of life. They must also be sure those wishes are respected. Further, it means helping them manage financial and legal matters, and making sure they receive appropriate services and treatments when they need them. AARP’s recent article entitled “How to Be… Read More »
How to Tell If Mom or Dad Need Caregiving Help
A 2016 AARP article entitled, “5 Signs Your Loved One May Need Caregiving Support, ” provides some great tips on what to look for when determining if an elderly loved one needs caregiving. Fall hazards. Does your parent have stairs without railings or poor lighting and other clutter that’s caused a fall? You need… Read More »
Protect Your Estate from Nursing Home Costs
Nursing home care is expensive, costing between $12, 000 to $20, 000 per month, so most seniors should do all they can to prepare for this possibility. According to a recent article from the Times Herald-Record, “Elder Law Power of Attorney can save assets that would go to nursing home costs, ” this is… Read More »
How to Plan for Spouse’s Medicaid
Medicaid eligibility, assuming that you require long term care and have satisfied the medical eligibility requirements , is essentially a two-prong test or analysis of assets and income. That is, there are restrictions on the types of resources that you can have when you apply for Medicaid, specifically with regard to assets, if you… Read More »
How to Help Care for Yourself when Caring for Dad
More than a third of family caregivers rate their job as highly stressful emotionally, and almost 20% report a high level of physical strain, according to the “Caregiving in the U.S. 2020” report from AARP Public Policy Institute and the National Alliance for Caregiving (NAC). According to AARP’s recent article entitled “Respite Care: Create… Read More »
How Does Family Pay for Parents’ Care?
Women 50+ who leave the workforce to care for a parent forfeit an average of nearly $325, 000 in wages, future Social Security benefits and retirement assets. Reducing their hours or leaving a job may mean buying health insurance, while also paying for caregiving-related expenses—like medications and gas for driving their parent to doctors…. Read More »
Why Does a Person Need a Living Will?
An advance directive or “living will” is a legal document that can give instructions about what kind of medical care you want, if you become seriously ill and are at the end of your life. You can state the types of medical treatments you do and do not want to receive and can designate… Read More »