10 tips to protect your aging parents' assets
10 ways to stop financial elder fraud
In the U.S., requiring that children care for their elderly parents is a state by state issue. ... Other states don't require an obligation from the children of older adults. Currently, 27 states have filial responsibility laws. However, in Wisconsin, children are not legally liable for their elderly parents' care.
What is Filial Responsibility? Filial Responsibility laws and statutes were created in some states in order to pass the obligation of paying for the basic care and needs of an aging parent to their adult children. This law dates back to the early 1600's English law known as the Elizabethan Poor Law.
How to Afford Senior Living When the Money Runs Out
To prove there was a breach by the fiduciary or someone else, one or more of the following must be proven:
The Older Americans Act of 2006 defines elder financial abuse, or financial exploitation, as “the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that uses the resources of an older individual for monetary or personal benefit, profit, or ...
No matter the state of their home or their physical condition, you can't force help on your elderly parents when they're competent and able to make decisions on their own. Aging parents have a right to refuse help – that much is true.
At the end of the day, you can't refuse to take her home if she is still able to make decisions for herself. It would be useful to know her take on things.
If you have no family, no money, you become a ward of the state or county. The state assigns a guardian to you, and that person makes the decisions about your living situation, your health care, your finances.
Medicaid is one of the most common ways to pay for a nursing home when you have no money available. Even if you have had too much money to qualify for Medicaid in the past, you may find that you are eligible for Medicaid nursing home care because the income limits are higher for this purpose.
Exodus 20:12
Honor your father and your mother, so that you may live long in the land the Lord your God is giving you. ... Instead, we have to trust in God. But the point is clear: as parents got older and are no longer able to provide or care for themselves, the responsibility is passed to the children.
If your parent's health is in good shape and he or she doesn't have issues with mobility, wandering, and disorientation, he or she may be able to be left alone while you're away. Some seniors can live independently during the early stages of dementia.
Yet No Comments