Attorney Ann Butenhof engaged us in an interesting conversation about how to deal with aging for ourselves and our parents. General topics included, long term care insurance, nursing homes, Continuing Care Retirement Communities’s, Veterans Administration benefits, Medicaid benefits, transfer and preservation of assets.
A lead-off observation that stimulated discussion was from one of our members who said that dealing with long term care for his parents was a ‘total nightmare”. The bottom line was that this field is evolving as our older population grows. Be very careful about the stability of long term care insurers. Shop around and do research. The cheapest often isn’t the best, and policies should include at-home care.
Parents always trust their children. However, children aren’t always to be trusted. Ann said that the Power of Attorney is sometimes seen as a power to steal. Great care must be given to the selection of the person to be granted the power of attorney.
In regard to Medicaid, decisions by the State are often arbitrary in spite of the rules. This is a reason for a need for attorney advocates in dealing with elder care issues.
Various strategies were discussed for protecting assets when nursing home care looms. It is important to consider look-back periods in the consideration of gifting to preserve assets when nursing homes are being looked at.
-The average nursing home stay is 2-3 years.
-Discuss long term living with spouse and parents.
-The elderly is a vulnerable population.
-Children often are primarily focused on their own interests.
Contact: Ann Butenhof
132 Middle Street
Manchester, NH 03101
Phone: 603-296 0418
e-mail office @butenhofbomster.com
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