10/19/2024
Taking care of an elderly parent is hard. There are a lot of things to be concerned with and considered. As I navigate these issues, I want to share a few nuggets. Trust me, the best way to deal with the issues regarding nursing homes and assisted living facilities is never go to one. But, if you need to go that route, here are a few tips:
- Retain an Elder Law attorney. I had to do this to protect myself from certain “family members” and get my Power of Attorney. They also helped with estate planning. Best decision EVER!!!
- Get a Power of Attorney from an attorney. It’s a little costly but worth it. You can do this yourself, but make damn sure you research, read, and understand EVERYTHING!!!
- Never, never, never sign documents in YOUR OWN name or give your SSN!!! Let your parent sign, even if it’s an “X” or, if necessary, sign as their “agent without financial responsibility”. This will save you from being financially responsible for their expenses.
- If your parent’s income exceeds the threshold for Medicaid, start a Qualified Income Trust. That way, the excess income is placed in a trust allowing your parent to meet the eligibility criteria. The trust lowers their “earned income” amount to qualify.
Remember, Social Security takes money you earned when you are employed. This money is deducted (set aside) from your gross earnings for you to use later in life.