Compensating adult children for home care

Getting old is a fact of life for most of us. As the population continues to age, care for older people is needed. Many older people in Oklahoma are not able to care for themselves exclusively, and rely on skilled nursing care or family members to meet their needs. If an adult child is helping their aging parents, there are ways for the parents to compensate them. For many adult children, caring for an aging parent can be a full-time job, or at least a part time job with many hours. Sometimes a child has to give up their job to care for their parent. There can be a few options for parents to compensate their children for the sacrifices they may be making by taking care of them. First, they can pay their child pursuant to a caretaker contract.

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Benefits of long-term care planning

No one really wants to think about what will happen to them when they get old. It’s hard to picture ourselves as getting old and needing additional care, plus it’s not a very upbeat topic. But, if long-term care planning is not completed, a person can lose a lot of their assets to pay for their necessary medical care. Long-term care planning is very important for Oklahoma residents. The earlier this planning occurs, the better because the earlier a person starts to consider their long-term care options, the more options they will have. Long-term care is qualified as in-home care, assisted living or skilled nursing care. Many people, when they get older, require this specialized care, but it comes at a great cost. Knowing that these costs are in many people’s future can help them understand the importance of long-term

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How to stay away from long term care estate planning mistakes

With a large aging population in Oklahoma comes the need of more senior citizen services. These services often cost a lot of money yet are very necessary. Long term care planning is important for everyone but there are mistakes that can be made. Baby boomers — those born between 1946 and 1964 — make up about 25 percent of the American population, or 76 million people. This large group of people is not getting any younger and planning for their older years is important. Long term care planning is one area in which a person who is looking to establish an estate plan should consider. The majority of the population will need long-term care at some point in their life. Long term care can include skilled nursing facilities, in home help or help with daily living activities. When a person

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How else might I be able to fund a nursing home stay?

Previous posts on this blog have discussed how important it is for many senior citizens in Oklahoma to engage in Medicaid planning. After all, for many people, this is the most reliable and best way to assure that they will be able to get the nursing home or other long-term care that they need in their old age. However, qualifying for Medicaid means a person has to be able to honestly say that they are without means to pay for their own medical care. Unfortunately, not everyone in Oklahoma will be able to count on Medicaid even if they do engage in planning. In other cases, it might not be feasible for a person to dispose of most of their assets and limit their income, as doing so can create other serious legal problems. These sorts of people may have

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Why is Medicaid planning so important for Oklahoma seniors?

There’s no denying that the cost of long-term care continues to rise, and seniors in Oklahoma need to be aware of their options for covering the cost of nursing home care, assisted living and in-home medical care. Even if you have saved a significant nest egg for your retirement, the cost of long-term care could quickly drain your estate. If your goals include preserving your assets, providing for future generations and ensuring comfort for yourself in later years, you may want to consider your Medicaid planning options. What does Medicaid planning involve? Along with other estate planning solutions such as insurance, VA pension benefits, Social Security benefits and trusts, Medicaid benefits can be used to defray the cost of elder care, as Medicaid provides access to care facilities that would otherwise be unaffordable. However, you may not be eligible for

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How might the Medicaid look back period affect me?

As this blog has discussed previously, there are many people in Oklahoma, both in Edmund, around Oklahoma City and throughout the state, who are not in absolute poverty but who at the same time do not have the means both to pay for the medical care that they will need when they age and have any hope of leaving some property to their loved ones when they die. Residents who find themselves in this situation should consider the benefits of Medicaid Planning long-term care planning for an anticipated stay in a nursing home or other assisted living community. Although this sort of preparation has a number of aspects, many Oklahoman’s may find themselves in a situation where they need to make themselves ready to qualify for Medicaid, a program funded by the federal government and administered by the states for

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Medicaid Planning Options for Oklahoma Seniors

The cost of nursing home care can quickly exhaust a nest egg, and the reality is that seniors need to plan now if their goal is to preserve assets for loved ones while also covering the cost of long-term care. Here are some options for Oklahoma seniors to consider. Effective Medicaid planning can help defray the costs of nursing home care or assisted living. A common misconception is that one has to spend down all of one’s hard-earned assets in order to qualify for Medicaid benefits. Depending on your specific situation, you may be able to avoid needlessly spending down assets by instead implementing an integrated strategy. For example, eligibility for Medicaid may be preserved in a number of ways: Establishing an irrevocable trust Developing an effective gifting schedule Concentrating wealth into exempt assets Investing in an annuity for your

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What assets are exempt from Medicaid?

Many Oklahoma residents who are getting older need to live in a skilled nursing facility. A nursing home is an extremely expensive place to live and many people can spend their life savings in just a few months. Planning ahead for a nursing home stay is smart, especially in order to preserve a family’s assets and use Medicaid. Many will advise seniors to use Medicaid to pay for their nursing home stay. But, in order for a senior to qualify for Medicaid, they must reduce their assets. Medicaid reviews a person’s assets and places them into two categories, exempt assets and non-exempt assets. Exempt assets include the person’s house, personal belongings, one car, life insurance policies whose face value is less than $1500, cash less than $1600 and certain kinds of trusts. It is smart for Oklahoma residents to develop

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Medicaid planning 101

Part of growing older is thinking about the future. Health issues that were once far-off possibilities may soon become pressing realities. For many aging Americans, those health issues may require a stay in a nursing home or intermediate care facility. It’s no secret that the financial toll of such stays can be staggering. On average, nursing home care costs nearly $7,000 per month, according to the U.S. Department of Health and Human Services. A long-term stay could quickly wipe away your life savings. You don’t have to give up your life savings So how do you protect the assets you’ve worked so hard to build while still ensuring that you get the proper care? For many, Medicaid is an answer. This federal-state program – called SoonerCare in Oklahoma – is the largest payer of nursing home expenses. To qualify, though,

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