A critical thought facing many families is the question of who will care for their parents in the long run. If your parents are elderly or live with a disability, the question becomes even more important. They may not be able to go about their everyday activities independently. As a result, they may require long-term care.
If you’re unsure about the best approach for long-term care for your parents, including long-term care insurance under Medicare, consider consulting with a Houston estate planning attorney who can guide you through the available options and help you make informed decisions. At The Law Office of Whitney L. Thompson, our experienced attorneys can provide valuable insights into long-term care planning and insurance for your parents. Contact us today at (281) 214-0173 and take proactive steps today to ensure your parents’ well-being and peace of mind for the future.
Many times, relatives or family friends will provide this care for free. For others, nursing homes, assisted living facilities, or in-home medical providers work best.
If you have not considered this question yet, it is essential to start thinking about it now. As your parents age, they become more susceptible to limited mobility and certain health conditions, such as Alzheimer’s. Solidifying their wishes for long-term care in legal terms will make the process easier for all parties in the future.
What is Long-Term Care?
Long-term care is meant to provide for an individual’s personal and healthcare needs for shorter or longer periods of time. Your aging or disabled parents may need care for several months or for the rest of their adult life. For example, if your parent is recovering from an operation, then they may need help for a few months until they regain their independence.
This care can help your parents with everyday living or homemaker services, including help for:
- Bathing
- Dressing
- Eating
- Moving about
- Taking medications
- Using the restroom
- Preparing meals
- Doing household chores
What Are My Options?
Fortunately, you have a wide range of options to provide your parents with long-term care. If your time constraints do not allow you to care for your parents in the long run, then another relative or family friend may step up to this responsibility. But when this is not an option, you can consider other services.
You might:
- Hire an in-home nurse
- Pay for a nursing home
- Consider an adult daycare center
- Hire a home health agency for personal care and home services
- Purchase an Emergency Medical Alert System
- Pay for Senior Transportation Services
These are just a few of your options. Your community may have other services for elderly or disabled individuals in your area.
In other cases, you may have money constraints that do not allow you to pay for someone else to take care of your parents. In this case, you may consider Medicaid in Texas.
Medicaid can help you and your parents afford necessary long-term care. However, you do need to meet a few conditions. For general information about whether you qualify for this program, read our post on meeting Texas Medicaid eligibility requirements here.
| Options For Providing Long-Term Care For Your Parents | Description |
|---|---|
| In-home nurse | Hire a nurse to provide care for your parents in their own home. |
| Nursing home | Pay for a nursing home facility where your parents can receive long-term care. |
| Adult day care center | Consider enrolling your parents in an adult day care center where they can receive care and engage in social activities during the day. |
| Home health agency | Hire a home health agency to provide personal care and home services for your parents. |
| Emergency Medical Alert system | Purchase an Emergency Medical Alert system that your parents can use to call for help in case of an emergency. |
| Senior Transportation Services | Pay for transportation services specifically designed for seniors to help them get around for medical appointments, grocery shopping, and other needs. |
Protecting Elderly Parents Assets
To ensure the protection of your elderly parent’s assets, it’s important to consider how affluent individuals typically safeguard their own assets. However, it’s crucial to address the specific concerns related to protecting your parents’ assets from fraudsters, rather than solely focusing on safeguarding assets from lawsuits.
Here are some key strategies to consider:
- Monitor accounts and credit reports: Stay vigilant by regularly reviewing your parent’s financial statements, such as bank and credit card statements, to detect any suspicious transactions or unauthorized activity. Additionally, monitor their credit reports for any unexpected changes in credit scores or indications of fraudulent accounts being opened in their name.
- Establish an asset protection trust: Consider setting up an asset protection trust, which is an irrevocable trust that requires the beneficiary’s permission to access the assets. This type of trust can provide significant protection for your parent’s assets against fraud, creditors, and estate taxes. In Texas, where domestic asset protection trusts are not allowed, you may need to explore offshore trust options, which provide additional privacy but can be more expensive.
- Develop a comprehensive estate plan: Creating a comprehensive estate plan is essential for protecting your parent’s assets from fraud and minimizing potential tax liabilities. Without a proper estate plan, there is uncertainty regarding how their assets will be distributed according to their wishes or if their loved ones will be adequately provided for. Engaging the services of experienced estate planners can simplify the process and ensure that their wishes are effectively implemented.
By implementing these strategies, you can take significant steps towards safeguarding your elderly parent’s assets from fraudsters and ensuring their financial security. Consulting with a Houston estate planning attorney who has experience in asset protection and estate planning can provide valuable guidance tailored to your specific circumstances. Schedule a consultation with The Law Office of Whitney L. Thompson today to learn more about protecting your elderly parent’s assets and creating a comprehensive estate plan.
Plan Your Parents’ Future Now
Your parents should plan their future sooner rather than later. When they consider their options now, they can learn about the services in their community and consider the costs before they need care. This proactive planning can save you plenty of stress and worry when the time comes.
Finding your options and planning your parents’ long-term care can be overwhelming. If you need an experienced attorney to guide you through the process, contact Whitney L. Thompson, Esquire at (281) 214-0173.
