Advance directives are important aspects of planning for your future. They prevent your loved ones from being responsible for making the toughest of decisions once you are unable to make decisions yourself. The advance directives include a healthcare power of attorney and a living will. A healthcare power of attorney makes a specific person in [...]
Probate court establishes guardianship by appointing a person to make the personal decisions for someone who is unable to do so themselves. Usually a family member will initiate the process by going to the county in which the person needing guardianship resides and filing a petition. After the petition is filed, a physician must perform [...]
For most of us, our home is our greatest asset. It represents a lifetime of working hard and saving, and is a legacy we hope to leave to our children after we are gone. Understandably, it’s one of the first questions most people ask when they realize they need to apply for medical assistance benefits [...]
There is quite a bit of confusion about Medicare and Medicaid, and what each covers. If you are helping a loved one that is facing the need for long-term care, it’s important you understand what resources are available, and how to qualify. Medicare Medicare is funded by the federal government, and administered by the state. [...]
The Veterans Association Medical Benefit Package provides veterans and their spouses with a variety of benefits, including: Outpatient medical, surgical and mental health care Inpatient hospital, medical, surgical and mental health care Substance abuse care as an inpatient or outpatient Emergency care at VA facilities Prescription drug and certain over the counter drugs and medical [...]
Using a reverse mortgage to pay for long-term care insurance is a popular option, as it frees up current assets and allows seniors to keep their current lifestyle while insuring their future. There are three important criteria that must be met in order for a reverse mortgage to make sense as a source of funds [...]
Lets face it, there is no guarantee that you will need long-term care. Because of this, it’s important to think of the need for long-term care as a risk, versus a certainty. The majority of experts agree that with this in mind, it’s better to insure against the need, versus save for the need. Reverse [...]
Most elders, if given a choice, would choose to remain living in their homes for as long as possible, rather than going to an assisted living facility or nursing home. Thanks to today’s technology and advances in home health care, it is possible for the large majority of our elderly loved ones to stay at [...]
If you are considering recommending a reverse mortgage as an option to provide extra financial security for a loved one, or to cover long-term care costs, there are some considerations to think about before committing. As you would when considering any type of financial planning for your elderly loved ones, it is always best to [...]
If you are helping an aging loved one plan for their financial future, and especially if you think long-term care costs may be a problem, a reverse mortgage may be an excellent solution if your loved one has equity in their home. A reverse mortgage has several benefits, including: Your loved one cannot be forced [...]