What Factors Should Someone Consider When Planning For Aging Parents?
There are several factors to consider when planning for aging parents, including the role of Medicaid, the five-year look-back period, the assets that are involved and the assets that would be at risk should they need to move to a care facility. People will need to gauge what’s unforeseeable, although doing so can be difficult. The specific calculations that we’ll have to do will depend on all of these factors. In addition, we’ll have to estimate the social security benefit for the time and their age. It can be determined from social security reports what the security benefit will be by the time the person reaches the ages of 62, 66 and 70. The latest possible date to take social security is age 70. We’ll have to determine what the need will be per month, what the social security benefit will be, and what the facility will charge per month. If the family has $6.5 million in assets, then paying $1,000 a month is nothing. We then make an assumption about how the facility’s charges might increase over the years, and determine whether or not the family’s estate will be able to cover it.
Some families have enough money to cover all of the potential costs, while others don’t. If a family doesn’t have the assets, then their social security benefits will be applied toward the cost first, and then Medicaid would pay the remaining portion. If a family has $2,000 in assets, then we won’t have to do any planning because their net worth won’t be high enough. Ultimately, it all depends on the family situation and what they expect to deal with.
Who Should All Be Involved When Planning For The Future Of Aging Parents?
When planning for the future of aging parents, all of the family members who will be impacted by the decisions should be involved.
What Information Or Documents Do Clients Typically Bring When They Come To See You?
Clients typically bring bank statements, investment brokerage statements, deeds, savings account statements, insurance annuity statements, social security statements and life insurance statements. They don’t need to bring all of the statements to the initial planning session; they just need to tell me what they have.
What Qualities Should I Look For In An Attorney To Assist Me With My Plan For My Aging Parents?
When looking for an attorney to assist you with planning for your aging parents, you want to consider how much experience they have and whether or not they have done a good job of representing clients in the past. People are often referred to attorneys by friends or family members. You may also want to look at the organizations that they belong to, such as the Southern Arizona Estate Planning Council, the National Association of Elder Law Attorneys, or the Wealth Council. Wealth Council is an organization that brings a tremendous amount of experience to the business. I was a member in the past, and I plan to become re-affiliated with it.
For more information on Factors In Planning For Aging Parents, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (520) 360-4292 today.
Call Now For a Case Consultation