As disappearing pensions and rising health care costs eviscerate their retirement plans, more parents are moving in with their adult children. This is often unexpected. It helps to talk about how your family would manage.
Does everyone have their health and financial powers of attorney in place?
Do you have a lease agreement so that Medicaid cannot claim that your parent gave you a gift, disqualifying him for nursing home or home health care?
Have you discussed a caregiver agreement which will qualify you for reimbursement by the VA?
Do you know what services are available to help you and your parent now and in the future? If not, you are not alone.
Read more for how some Millenials have managed in this article in The New York Times: My Retirement Plan is You.
It’s never too late to plan for your future. Schedule a Consultation for your estate planning and long-term care planning needs.
Estate planning attorney, Terry Garrett, is a member of the National Academy of Elder Law Attorneys and is active in the Texas and Austin Bar Associations. She graduated with honors from Cornell University. She was on the Dean’s List at Wharton Business School. She earned her J.D. at Columbia Law School, receiving the Parker Award and a Mellon Fellowship.
She assists families of people with special needs, people planning for the retirement years and people administering estates.