We live in a rural area, thus, my mail arrives at 6 o'clock at night. I received a bill for 2, 900 dollars for my mother's care. The facility she is in cost 8,000 dollars a month. The state picks up the rest and take her house when she dies. I needed to call this morning to straighten all this out.
Adult children need to have conversations with their parents early. Plans need to be in place. There is still the issue with her end of life plans. I have no idea what her monthly income. We still have to pay for cremation which is supposed to be put on a payment plan.
There are ways to protect family wealth early. The laws vary state to state. One way is for children to provide care for aging parents. Parents can establish trusts. Nursing home insurances.
It is very late in game for my mother. There is the possibility of selling the home and land to invest it. I can according to her home state set up a funeral trust of 18,000. I have to have a meeting with the medicaid for long-term care team to explore further options.
You may ask have I have own plans set up? Yes, I did that when my daughter was born. Everything was set up.
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