Filial responsibility laws obligate adult children to pay for their indigent parents’ food, clothing, shelter and medical needs. When the children fail to do so, nursing homes, hospitals, and other creditors can file lawsuits against the adult children to recover the cost of caring for the parents. Not only can they sue the children for […]
Sandwich Generation: How to Survive Financially
Q. My husband and I are in our mid 40s and caught between raising our 10 and 14 year old children, working full-time, and caring for my father, who has Parkinson’s. We are particularly concerned about saving for college for our children and for our own retirement, while helping my father live safely and comfortably […]
Caring for Caregivers
Taking care of an older or ill family member can be enormously rewarding — but it can be physically and emotionally draining. And with the number of Americans age 65-plus projected to double by 2030, caregiving demands will only increase. Studies about caregivers show that: 40- 70% of caregivers show signs of depression; One-third of […]
“Ice Buckets” for Veterans
Veterans Twice as Likely to get ALS Joseph, a military veteran, noticed that he was experiencing tingling and numbness in his limbs. It didn’t take long before it progressed to difficulty walking, poor hand coordination, stumbling, and an increasingly limited range of motion. Joseph was diagnosed with amyotrophic lateral sclerosis (ALS), also called Lou Gehrig’s disease because of the baseball player who made it famous. Like Joseph, […]
“Hide” is a Four-Letter Word
Q. I read in USA Today about an 83-year-old man who hid $1.1 million in offshore accounts to avoid paying taxes. I have also read about others who attempt to hide their assets to qualify for Medicaid, as a way to pay for long-term care. Isn’t it wrong and unlawful to hide assets in order […]
Common Misconceptions about Revocable Trusts
Recently, CNBC posted an article on their Website about the benefits of trusts, entitled “Heir Tight: The Do’s and Don’ts of Creating Rock-Solid Trusts.” The article provides some very good information about why most people should have a trust; however, there are some misconceptions when it comes to Revocable Living Trusts and what they protect […]
How to Avoid Losing Massive Amounts of Money to a Nursing Home
When older adults think of estate planning, many actually have asset protection in mind. What they want is the peace of mind of knowing that the nest egg they’ve been saving for that proverbial “rainy day” will actually be available for them when that rainy day comes. The rainy day, for most people, is when […]
Top 3 Advancements to Help Seniors Stay at Home: “No Thank You, Nursing Home”
With the right plan, seniors can qualify for Medicaid, take advantage of today’s latest elder care technologies, and protect the assets which otherwise could be drained by the catastrophic costs of long-term care.
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