No glad. I wasn't ckear. There are "fee for service" financial planners; you pay a set fee for the service. This is what is recommended by Consumers Union and other reputable organizations. There are other financial planners who take a percentage of your assets as a fee (not good) and those who claim to be free who are actually paid upfront with large commissions, based on a product, like an annuity they've sold you (the worst). These last tend to prey on the elderly.
A geriatric care manager would be able to help with this. Or do they have an accountant?
You can get a rough idea. What are their expenses on a monthly basis? In assisted living some bills will be eliminated, utilities, food, property tax and home maintenance. Some expenses will remain, doctor visits, medication, clothing, incontince products.
How much is their income each month? Use that amount and subtract it from the cost of assisted living. The difference is how much will have to come from their resources (proceeds from selling the house are included). Divide the total amount of assets by the difference between income and facility cost. That is how many months their resources will last in assisted living.
Do not use the facility's lowest monthly fee to determine this. There will be additional costs as time goes on and your folks level of care increases.
I see in your profile that at least one of your parents has dementia. You need to remember that any place you look needs to have the capacity to deal with dementia patients.
Second, have you contacted someplace like "a place for mom" ? I've found them helpful in telling us what was affordable for Mom's resources.
Have you looked into ALs in your area regarding cost and taken tours? Talked to their business offices?
I'm sure that there are financial planners who specialize in the elderly, do you have an eldercare lawyer on board? S/he is probably a good source of referral.
Baba, fee for service based on assets? It wouldn't be a good idea if there are lots of asseta. Or am I not understanding something? It is always prudent to know what the cost of a service is going to be in advance. Are you saying a set fee that is based on total aasets? So if more assets cost goes up only because there are more assets to research and consider the impact of?
You can get a rough idea. What are their expenses on a monthly basis? In assisted living some bills will be eliminated, utilities, food, property tax and home maintenance. Some expenses will remain, doctor visits, medication, clothing, incontince products.
How much is their income each month? Use that amount and subtract it from the cost of assisted living. The difference is how much will have to come from their resources (proceeds from selling the house are included). Divide the total amount of assets by the difference between income and facility cost. That is how many months their resources will last in assisted living.
Do not use the facility's lowest monthly fee to determine this. There will be additional costs as time goes on and your folks level of care increases.
Second, have you contacted someplace like "a place for mom" ? I've found them helpful in telling us what was affordable for Mom's resources.
Have you looked into ALs in your area regarding cost and taken tours? Talked to their business offices?
I'm sure that there are financial planners who specialize in the elderly, do you have an eldercare lawyer on board? S/he is probably a good source of referral.