#Arizona #ElderCare #FinancialPlanning #LegalAdvice
Recognizing the Signs of Cognitive Decline
Upon discovering that your 69-year-old father is showing signs of cognitive decline, it’s important to take action quickly. From forgetfulness to confusion, dementia can present in various ways. Seeking a professional opinion from a neurologist will be crucial in understanding the extent of your father’s condition.
Assessing the Financial Situation
Understanding your father’s financial standing is essential in planning for his care. With $175K in cash, $3.2K in Social Security, and a manufactured home worth $240K, it’s clear that his current financial resources may not be sufficient for long-term care expenses. As there are no additional retirement savings or life insurance policies in place, there is a need for careful financial planning.
Legal and Financial Planning with an Estate/Elder Care Lawyer
Consulting with an Estate/Elder Care Lawyer will provide you with the necessary legal guidance in ensuring your father’s affairs are in order. From establishing power of attorney to exploring Medicaid options for long-term care coverage, a lawyer will assist in creating a comprehensive plan for your father’s future.
Uncovering Missing Finances
In cases where financial discrepancies arise, it’s essential to work closely with your father’s accountant to uncover any missing information. Whether it’s forgotten accounts or potential scams, investigating the situation thoroughly will help in understanding the complete picture of your father’s finances.
Planning for Long-Term Care and Medicaid
As Medicare does not typically cover long-term care expenses, it’s crucial to explore Medicaid options for future care. With an estimated cost of $10K per month for assisted living, understanding how Medicaid can assist after exhausting personal assets is key. Planning for the long-term care needs of your father will ensure a secure future for him.
In conclusion, taking proactive steps in legal and financial planning will help in securing the best possible outcome for your father’s care. By working closely with professionals and exploring all available options, you can navigate the complexities of cognitive decline with confidence and certainty.
I am sure you will get some good advice here regarding specifics of estate planning and elder care, including Medicare eligibility. I notice your father has 175K cash you mention – have you considered putting it in a high yield savings account, and he can withdraw the interest accrued each month? PNC Bank gives 4.55% APR – that would give him about 660$/month. We did this for an aging family member and it significantly gave them more monthly budget to work with. We also use a service called ‘family matters’ that pays for someone to come a handful of hours a day to check on them (make them food, help them take a shower, change their sheets, go on walks with them). Yes, you pay hourly (not free) but it is WAY cheaper than having full time help or someone living with them. We supplement it with family taking turns visiting for weeks and during that time we’re there we take care of them.
Separate issues:
1) Where’d his money go? If you can’t figure this out on your own by looking through his bank, savings, investment, etc. accounts, then you may need to hire someone. If he has dementia, even early dementia, it is likely he has been scammed/defrauded. You might be able to get the money back, or you might not. First you’ll have to find out where it went.
2) If he’s agreeable, you should get power of attorney now. If he isn’t, you’ll have to get a court to give it to you later.
3) Medicaid/care will insist he exhaust all of his assets first, then they’ll step in to pay for his care. You and your brother won’t be responsible, though medicaid/care facilities aren’t always the best and your family might decide to pay privately for better facilities.
>there’s the conversation around medical/assisted living/long term care which, from what I understand, won’t be covered by Medicare.
Does this mean that LTC will need to be covered by his assets
Yes.
>What happens after then? Can Medicaid kick in then?
When he finally impoverishes himself enough for Medicaid to become the payer of last resort that it is for LTC and the necessary health care that Medicare doesn’t and never has “covered” or ‘paid for,” yes.
>Will my brother and I have the burden of covering his care?
If you assume financial responsibility for that.
Sorry you are dealing with this, I do want to mention very often as people get elderly kidney and urinary tract issues can masquerade as dementia/alzheimers. My father was multiple times declared mentally incompetent by doctors in multiple hospitals but has since made a mostly full cognitive recovery, primary issues were kidney function/bladder issues. It gets overlooked far too often by medical professionals, worth bringing up if you speak with his doctors. Best of luck.
Just to add that the best time to put a will, power of attorney and healthcare directives in place was yesterday; the next best time is now. No delay whatsoever if your Dad is declining mentally.
We had a sad situation in my family where the elderly person did not have this all in place and it was too late once we realized he needed to. He ended up with care which prolonged his life for several years when the whole family knew he never would have wanted that.
If your Dad is borderline mentally, look up sunsetting and dementia. You may be able to time things with the lawyer for when he is most capable of making the necessary arrangements.
Good luck to you and your Dad.
Sounds like he shouldn’t be driving. Why is his insurance so high? Has he had accidents?