As more Americans live well into their elder years, their adult children are faced with the challenge of deciding whether or not to seek assisted living for their parents. Many elder Americans resist as long as possible, preferring the freedom and independence of living at home.
While each circumstance is as unique as the family involved, if you are currently weighing the options of assisted living and in-home care, you may find seeking counsel from an expert in elder law grand rapids mi to be helpful.
NURSING HOME CARE
One of the most common fears shared by elders and their adult children is the financial cost of moving into a care facility. When a sudden medical crisis or a degenerative condition forces an elder resident of Grand Rapids into a local nursing home facility, families understandably become concerned about the potential loss of assets.
Contrary to popular belief, a diagnosis requiring constant care in a facility will not lead to poverty. To be eligible for Medicaid, your aging parent does not need to sell off their assets.
If your parent is still capable of living independently but is nonetheless nearing the end of their life, it is a good time to discuss asset protection and trust planning. Having a full estate plan will ensure that you, your spouse, and your children are looked after following the death of your elder parent.
An estate is built through a lifetime of hard work. Your family’s future comfort is at stake. Tricky creditors, unexpected taxes, and probate issues may try to drive a wedge through this, but a wary and keen-eyed lawyer will assist you.
Sean Cox was admitted to the State Bar of Michigan in 1994, and for the past 25 years has been committed to serving elders and their adult children in the Grand Rapids area.