The decision to put an aging loved one, such as a parent, into an assisted living or nursing home facility is a difficult one. After all, you want to do the best you can by your loved one, and chances are that he or she would prefer to live at home for as long as possible. No matter how strong-willed someone is, however, there comes a point when around-the-clock care and monitoring become medically necessary. Perhaps your loved one has been diagnosed with a condition that causes dementia, like Alzheimer's disease. If you are not able to stay home to provide care 24/7, a facility is the best choice.
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.
Long-Term Care Options for Estate Planning
Long-term care is an essential part of estate planning for those who are no longer able to care for themselves or suffer from serious health issues.
