My 81 year old mom has early dementia and her ALF costs more than her retirement and Social Security cover. Her retirement isn’t much but still too high to qualify for Medicaid. Soon she will have exhausted her savings and although I’m willing to contribute to her care financially, I am looking for a way to support her finances without using up my own retirement. Do I talk to a regular tax specialist or or a Medicaid counselor? She isn’t eligible for VA assistance. I am hoping to get with the best type of counselor to minimize the expense of their fees and to get the most helpful guidance for our situation. We live in California. My husband and I are both still working. I am 58 and trying to make up for lack of contribution to my own retirement so the majority of our money is going there at the moment. Any advice or direction is most appreciated.
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Your funds should not be used to pay for mom's care unless you are independently wealthy.
Your local Area Agency on Aging may be a source of recommendations.
This also looks like a good resource:
https://www.payingforseniorcare.com/financial_planning