Westchester County Elder Law Attorney Anthony J. Enea Offers Insights on Long-Term Care Planning for Aging Parents
According to new research from
For many, approaching a parent about estate or long-term care planning can be an uncomfortable and intimidating task. The lack of knowledge about a parent's finances can become problematic if he or she is taken ill, rendered incapacitated and/or unexpectedly passes away. In these circumstances, the family is often hampered in its ability to gather the necessary financial information and documents to apply for Medicaid, and/or take the necessary steps to protect their loved one's assets from the cost of long-term care.
"If you're unsure as to whether your parent has done any planning, it's a good idea to raise the issue promptly," said
Enea recommends educating aging parents by providing them with articles and other materials on the costs of nursing home and home care, how a
"Talk to your family and friends about any issues they have faced when a parent and/or grandparent has been taken ill or been diagnosed with dementia," Enea continued. "This is especially relevant if they have a family member that needs home care or nursing home care. There's often nothing better than real life stories by a member of one's family or friends to motivate a parent into taking action."
Sometimes, Enea noted, offering to pay for an initial consultation with an elder law attorney is enough to get the ball rolling. If the parent is still reluctant to create and fund a Medicaid trust, begin gifting his or her assets, and/or consider purchasing long-term care insurance, however, a positive step that may prove very useful is the execution of a durable general power of attorney with broad provisions that allows the agent to engage in Medicaid/long-term care planning if needed.
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