Many adult children worry about the health and safety of their aging parents. This is especially true in cases where a parent's mental capacity begins to deteriorate. When a parent exhibits symptoms that are readily associated with dementia or Alzheimer's, it's important to take steps to ensure for not only a parent's physical safety, but also his or her financial security.
As an individual ages and moves through different stages in life, there are always concerns that must be addressed and questions answered. For individuals nearing retirement, chief concerns often relate to ensuring for one's own financial security as well as that of a spouse. As one lives out his or her retirement years, concerns may shift to include health matters as well as living arrangements.
There are certain things a person may be rather concerned about in their elderly years. One is what will ultimately happen with the real estate that they have. There are many different types of real estate a person could have: a family home, a condo, a vacation home, an investment property, etc.
The cost of living in a skilled nursing care facility is astronomical. As we mentioned in an earlier post, New Yorkers currently pay an average of about $136,000 a year for a private room in a nursing home. Other care options do cost less but they're still not cheap: $49,200, on average, to live in a New York assisted living facility; $52,000 a year for a home health aide.
Few people in Brooklyn or elsewhere in the country would gasp at the notion that health problems increase with age. As people get older, they have more need for medical care as well as long-term care for ongoing health concerns.
Undue influence is a common topic when discussing estate planning, elder law and other financial issues. However, what may not be clear is that undue influence, often defined as any persuasive act that overcomes an individual's free will, can also be considered a form of financial elder abuse.
The more you look at the way estate matters are handled for the rich and famous, the more convinced you become that it is really difficult for families to handle these matters peacefully. Unfortunately, the family of blues legend B.B. King is experienced turmoil right now as the artist deals with some serious health issues.
Whether you are someone who is currently taking care of an aging parent, or you are starting to think about your own care in the future, it can be shocking at first to learn about just how high long-term care costs are. We are not talking about a few hundred dollars either. Rather, care may cost tens of thousands of dollars per year -- even upwards of $100,000 -- leaving many wondering just who is going to foot these bills.