Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

Long term care planning aids adult children caring for parents

Life expectancy in America has skyrocketed in recent decades, but are we outliving our savings? In fact, many retirees are unable to continue to care for their own nursing home costs because of inadequate long term care planning. This can put adult children in the awkward situation of having to provide for aging parents while also being faced with costs like college tuition and saving for their own retirement.

New York relatives have a reason to be worried about their older family members who run out of money. Interestingly, the argument about who will pay for mom and dad's long-term care is becoming increasingly contentious; only about half of U.S. states actually have laws dictating that adult children are considered responsible for their elderly parents. Instead of squabbling with your siblings, though, you may be able to seek additional alternatives that are acceptable for all parties.

First, it is important to determine whether your aging parents are eligible for Medicaid or Medicare, both of which may be able to pay for long-term care. This is an important step to take before you assume financial responsibility for your parents -- something nursing homes are only too happy to push on their clients. Remember that annual costs for nursing homes can easily reach $80,000. If the government can foot some of the bill, it makes sense to apply.

Further, siblings should consider negotiating terms so that mom and dad do not have to go into a nursing home. Financial support is not the only way to help care for an aging parent. Moving a relatively healthy elderly parent into one child's home -- while the others provide financial assistance -- may make more sense in the long term.

Ultimately, it is important to pursue long term care planning so that your estate never gets to this point. Know your rights under Medicaid and Medicare, and make sure that you understand the real costs associated with assisted living and nursing homes. With a bit of planning, you, your attorney and financial planner can set up a reliable source of income well into your golden years.

Source: U.S. News and World Report, "When Aging Parents Need Financial Help" Susan Johnston, Jul. 29, 2014

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: