Long-Term Care Planning Archives

Specific wording needed in residuary clauses for asset protection

Helping an aging parent solidify an estate plan can be challenging. Many adult children in Georgia face complicated situations regarding asset protection that make executing estate plans difficult. Much stress can usually be alleviated by enlisting the help of someone who is well-versed in long-term care planning.

Is it time to explore assisted living options?

Many adult children in Georgia do their best to help their aging parents enjoy their lives as much as possible in their golden years. Some have health concerns and other impairments that necessitate additional help and support. It can be a very difficult and emotional experience trying to determine whether assisted living care is needed.

What type of medical care do you want, or not want?

Certain topics are timeless by nature in that they apply to Georgia residents of any age or state in life. For instance, a person need not be a certain age to consider long-term care needs and goals for his or her own future. Within that topic of discussion, many people find it important to consider various issues concerning medical care, namely care that may be given in a life or death situation.

A long-term partnership policy may make home care more affordable

Over 90 percent of older Americans are lacking long-term care insurance. Premiums have skyrocketed over the last decade, and some insurers have exited the market. It has declined in popularity largely due to its unaffordability for many seniors.

Study: Only a third of us have living wills or healthcare proxies

Advance directives such as living wills and healthcare proxies are important tools for end-of-life decision-making, yet only about a third of American adults have them. Moreover, people who have chronic illnesses are only slightly more likely than others to have documented their wishes about end-of-life care.

5 proposals aimed at doubling the long-term care insurance rate

According to a Associated Press-University of Chicago NORC Center for Public Affairs Research poll, 57 percent of Americans surveyed said they plan to rely on Medicare to provide any long-term care services and supports they may need.

Keep this in mind to protect your parent's assets

Your elderly parent needs long-term care, and you know it has the potential to be expensive. You want to protect your loved one's assets, but you also are aware of Medicaid's look-back rule. If you don't move your parent's assets soon enough or correctly, you could end up having to exhaust them for his or her care.

Choosing a long-term care facility is a big decision

As your parents age, you might have to consider having them somewhere that can provide them with the help they need to do daily tasks. In the early days of them needing help, you might be able to hire a home health agency, but when your parents begin to move beyond the point of only needing sporadic care, you might have to help them find a long-term care facility.

What happens to your assets when you enter a nursing home?

60.jpgProtecting your assets is one of the many challenges you'll face as you grow older. This is especially true for families that have to deal with mounting medical and home care costs. In many cases, individuals are transitioned into a nursing home to provide ongoing care. But these and other services can be expensive, and your assets may be at risk if you're unable to cover nursing home costs. Knowing what happens to your assets if you go into a nursing home is the first step to protecting the financial wellbeing of you and your family.

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