How much does a power of attorney cost?
Carolyn Rosenblatt answered:
Getting a durable power of attorney (DPOA or POA) sometimes costs nothing and can be done for free.
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I’m the executor of my mother’s estate. The language in her will sounds like her estate will not go into probate. Is that possible?
Ralph Robbins answered:
Your mother's estate may not be subject to will or probate. You can do whatever you want once the estate has been administrated.
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My mother with early Alzheimer's has a Medicaid waiver and moved into assisted living. Does Medicaid pay everything?
Ralph Robbins answered:
Medicaid never pays for everything associated with assisted living, even if your mom has early Alzheimer's.
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Can a home be rented to cover taxes and utilities while parents (who wish to return home) on Medicaid are in the nursing home?
Ralph Robbins answered:
Yes, you can rent the home while your parents are in a nursing home and on Medicaid.
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What should I do if mom refuses to sign papers to have her life insurance assets spent down in order to qualify for Medicaid?
Ralph Robbins answered:
You can buy your mom's insurance policy from her, and pay her cash, which she can spend down to quality for Medicaid.
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How can I find a financial advisor for my elderly parent in my local area?
Rosanne Roge answered:
The "key" research you need to do is be sure is that the financial advisor you find is qualified to practice in your local area and has no outstanding violations against them, for the safety of your elderly parent.
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My elderly father received a tax deduction last year because he is disabled.Does that mean that he will be receiving one again this year too?
Rosanne Roge answered:
If the situation remains the same as the previous tax filing year, it would be safe to assume the deduction for this year would still be available.
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How does Medicaid look at joined owned savings bonds?
Rosanne Roge answered:
If the bonds are jointly owned, 50% belongs to the individual applying for assistance and that is what is counted and looked at by Medicaid.
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My mother has Alzheimer's and her Long Term Health Care benefits have run out. Can they kick her out of the Assisted Living facility she lives in?
K. Gabriel Heiser answered:
A nursing home or assisted living can evict an elderly parent who doesn't pay.
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My mother lives in assisted living and her Medicaid long term helath care benefits have run out. Will she be asked to leave if she can't pay?
K. Gabriel Heiser answered:
If an elder's Medicaid long term health care benefits run out, assisted living facilites and nursing homes are legally allowed to ask elders who can no longer pay to leave.
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Are adult children responsible for the medical bills of their parents?
K. Gabriel Heiser answered:
Do caregivers have to pay for their elderly mom and dad's medical bills?
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My mother is worried about spending all her money on long-term care and not being able to leave an inheritance to her children. Is there any way to "hide" money from Medicaid?
K. Gabriel Heiser answered:
Hiding assets by not reporting them to Medicaid is illegal and considered fraud against the state, with both civil and criminal penalties.
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How can I protect my family’s assets, but not disqualify my elderly mother from Medicaid benefits?
K. Gabriel Heiser answered:
Caregivers often want to know how to protect family assets, but ensure their elderly parents still qualify for public assistance benefts such as Medicaid.
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Mom has Alzheimer’s and lives in a facility. My sister has power of attorney. Mom wants to gift $150,000 to grandkids rather than using it to pay for care. She worked all her life paying for Medicare. Shouldn't she be able to use it instead of her savings
Jon P. Beyrer answered:
This is a difficult dilemma, and one that many families are facing. The dilemma can often be avoided or mitigated with advance planning, but that doesn’t help in your case.
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Is a Reverse Mortgage a good choice for seniors, or are there other options?
Jon P. Beyrer answered:
For some homeowners, a reverse mortgage may be the best way to provide income or pay off debts. However, senior homeowners do have other alternatives, which may make more sense than a reverse mortgage. Read Jon Beyrer's full answer.
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How do I go about finding a financial advisor for my parent?
Jon P. Beyrer answered:
Personal finance is a broad, complex, and ever-changing field, yet just about anyone can call themselves a financial advisor. The advisor you choose must be competent, well-informed, and experienced in the areas of investment management and financial counseling. Read Jon Beyrer's full answer.
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How can I help my parent manage her financial information?
Jon P. Beyrer answered:
For many caregivers, the resistance you get and the feeling that you are invading your relative’s privacy may leave you less than completely aware of your elder’s finances. But, if you wait until the elder becomes incapacitated to broach the subject of paperwork, locating important documents can be a much more difficult process.
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How do I balance my responsibilities as caregiver with the long term financial goals of the senior?
Jon P. Beyrer answered:
Your primary responsibility is to make sure your relative’s needs are being met. This includes physical needs, health needs, safety and security, and emotional needs, any of which may involve spending money.
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What do I need to know to best manage the cost of care?
Jon P. Beyrer answered:
If the time, energy, and medical necessities of care make doing it yourself difficult or impossible, you will need to get help -- and help in this area can be expensive.
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