Archives for Financial and Legal

Memory Loss & Financial Planning

Memory Loss & Financial Planning

March 22, 2019 | No Comments

Parents who have dementia have trouble keeping up with their businesses and finances. Therefore, their adult children are tasked to assist their parents with managing, organizing and growing their assets. Financial matters are sensitive. Therefore children have to show respect to the financial privacy of their parents. The children should come up with strategies to protect their parent’s assets and engage their parents in conversations to discuss how their parents would want to be helped with their financial matters at the moment and in the future. The children should not start to question their parents on certain financial expenditures instead
Read More

How To Finance Memory Care For A Loved One

How To Finance Memory Care For A Loved One

September 12, 2017 | No Comments

Memory care is essential for many people who suffer from dementia, but paying for memory care is often too expensive for families. However, there are ways to finance it. Here are some ways to afford memory care services: 1. Long Term Care Insurance Can Be A Great Way To Finance Memory Care: While it can be difficult to get long term care insurance after a diagnosis of dementia is made, it’s a smart move before a formal diagnosis of dementia is made. Long term care insurance often covers a large portion of the expenses associated with memory care. However, there
Read More

How To Manage Your Elderly Parent’s Assets and Property 

How To Manage Your Elderly Parent’s Assets and Property 

April 17, 2017 | No Comments

Money, health, and control of assets are difficult topics at any age. As difficult as it may be, adult children need to share their feelings with loved ones. Sit down, ask questions, and listen before planning the move of a parent to a senior community. Better communications between child and parent is going to create a sense of comfort. The goal is to understand what your loved ones need and want, so you can manage this transition smoothly. Spend real time with them. It is an emotional phase for both the aging parent and the adult child. Making an effort
Read More

Why is an Advance Directive Important?

Why is an Advance Directive Important?

December 27, 2016 | No Comments

Many people do not like to think about end-of-life issues because these issues are uncomfortable. This could be due to many reasons. Some people are afraid of death. Others are afraid of the unknown. Whatever the reason is, it is important to think about end-of-life issues and create a plan to help with the decision-making. End-of-life issues govern what happens to our minds and our bodies when we are no longer capable of making decisions for ourselves. One of the most important issues surrounding end-of-life care is an advance directive. And advance directive has a number of legal and financial implications
Read More

An Overview of Long-Term Care Insurance

An Overview of Long-Term Care Insurance

December 13, 2016 | No Comments

Most people receive health insurance either through their employer or from the government. Health insurance is important because the medical bills that can pile up on someone gets sick or ages can cause a significant amount of financial stress and strain on a family. It is not uncommon for hospital bills, especially those with ICU stays, to run in the hundreds of thousands of dollars. Most families would be crushed if they were forced to pay for this on their own. As people age, the medical bills start to become more common as our bodies breakdown. What most people do
Read More

What Are Your Rights as a Caregiver?

What Are Your Rights as a Caregiver?

August 9, 2016 | No Comments

If you’re a family caregiver, you’re performing a labor of love. Often at great cost to your own health, finances or career you provide this service. But not knowing your rights makes a challenging job 10 times harder. By getting informed you’re better able to care for the one you love and yourself. Let’s discuss some of these rights. Do you qualify for FMLA? FMLA (Family Medical Leave Act) protects caregivers in the workplace. For those who qualify and work within a company that employs 50+ people, it allows up to 12 weeks of unpaid scheduled or unscheduled time to
Read More

How Much do Assisted Living Facilities Cost?

How Much do Assisted Living Facilities Cost?

August 9, 2016 | No Comments

If you have a loved one who needs assisted living and you find yourself having to pay for it, there is a good chance that you were not anticipating that this was going to happen. Many people believe that this will be covered by government subsidies in the case that someone needs assisted living. However, this is typically not the case. The cost of assisted living facilities can vary greatly depending on the different types of places and different amenities that are provided to residents at these places. Base rates for these facilities typically cover room and board, as well
Read More

Do I Need a Power of Attorney for My Loved One?

Do I Need a Power of Attorney for My Loved One?

August 9, 2016 | No Comments

Watching a loved one slowly succumb to dementia is hard enough without having to worry about logistics and financial and legal issues. As you and your loved one are faced with a diagnosis of dementia, you may feel the need for a power of attorney. As loved ones becomes more consumed by the disease, it’s important to make sure their wishes are carried out if and when they can no longer make important decisions for themselves. Getting a power of attorney is an important step toward making sure their wishes are carried out. What is a Power of Attorney? A
Read More