Hello, I’m wondering how to help my parents figure out their finances and plan for the future as their health declines and as more care may be needed. They’ve both been retired for twenty years or so and still living in their own (split level) home. My mom is declining a lot and recently mentioned assisted living. My dad may be around a while longer. They’ve never had a regular accountant. Many years ago they had their will done with an attorney, and a knowledgeable friend helped them plan for retirement. Now more money questions are coming up and those advisors are no longer around.
I found a bunch of elder law attorneys but I think they’re mostly focused on estate planning. We need someone who can look at their resources, their long term care policy details, and help them plan for the time they have left.
I feel that a regular accountant or financial advisor may not have the specific expertise needed to help with later-in-life and end-of-life finances and planning.
Any suggestions for where to get this kind of financial expert?
Also, asking this question at wwwmbogleheads.org (with your parents' resources listed in detail) will get you stellar advice.
www.bogleheads.org
https://www.bogleheads.org/forum/viewtopic.php?t=421289
Exloration.
The attorney:
This person will go over all papers, all POAs, all assets records and will know how to guide your parents to any other person who may be required. Sounds like they have done a lot of planning as they go. This amounts to a checkup on where they are now, what their wishes are.
Exploration:
And do know that a lot of this is decisions. You mention your Mom feels sort of ready for ALF. Your Dad not so much. Then perhaps exploring what is available in their area and what the costs are over all. Many places-- John Knox Village in Missouri (look them up on Facebook; my parents spent their last years there) -- would be an example, have whole village compounds that will start with independent living, their own small home or duplex, move when needed to apartments, move on to ALF and lastly to MC. Whole thing is there. So consider online and actual exploration.
This page is sponsored/owned by A Place For Mom. For me they are ideal for "exploring the options". (Tho some disagree. They will ask you a sort of baseline question of assets and some say they are "bothered by too much contact once they register". Both those are simple. For my brother I said "You are looking at about a million on the hoof". If you are a farmer you will know what that means. And as to too many calls you won't receive pesky calls if you start responding that you are on Medicaid.)
So I am just saying. It comes down to decisions about care you want.
THEN about assets and choices.
Wishing you good luck. So glad your family is discussing because so many do not. I am hoping you will update us as they go.
I'm hoping you mean how to pay for AL or MC...
They will have to pay for it out of their own assets. Most states' Medicaid only covers LTC (which means the person is mostly non-mobile or profoundly ill/incapacitated). They should consult with a Medicaid Planner for their home state.
They can hire in-home aids privately or through an agency. Or, they can write up a contract and hire you (but only if you want to).
Care is expensive.