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.
Do you have a health care power of attorney?
As you create an estate plan, you’ll soon turn your attention to creating a will or trust. While you may consider this the most important part of your plan, as it dictates who will receive your assets upon your death, there are other legal documents to consider.
What happens to your assets when you enter a nursing home?
Protecting 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.
