How to Help When Your Parents Lose a Life Partner

 

Lonely old man staring out of a windowIf your parent loses a mate, spouse or life partner, he or she may need a good deal of emotional and practical support. If you are close to your parent’s mate you may need support too. Family members, friends, neighbors and even grief groups are all good places to turn to for comfort during this time. Here are some tasks and decisions you may need to help your parent face.

Dealing with Property
In some circumstances, your parent will have to act as executor in dealing with their mate’s estate and there may be a lot to do. You may need to help with such things as sorting through their records for a will or collecting insurance and other benefits. Take it one step at time and know that there are always resources to help you and your parent out. Continue Reading How to Help When Your Parents Lose a Life Partner

Understanding Long-Term Care Insurance

Long-term care refers to the help that people with chronic illnesses, disabilities or other conditions need on a daily basis over an extended period of time. This need can range from assistance with simple activities such as eating, dressing or bathing, to skilled care provided by therapists or nurses.

With nursing home care in some parts of the U.S. costing as much as $10,000 per month, long-term care can deplete even the best-planned estate. As a result, many seniors are opting to purchase long-term care insurance to cover this risk. An advantage of this insurance is that most policies now cover home care, personal care and assisted living care as well as nursing home care.

Policies offer many different coverage options. Since you can’t predict what your future long-term care needs will be, you may want to purchase a policy that has flexible options so that you can adjust it according to your needs in the future. Depending on the policy options you select, long-term care insurance can help you pay for the care you need, whether you are living at home, in an assisted living facility, personal care home, or a nursing home. Long-term care insurance may also pay expenses for adult day care and some policies will even help pay costs associated with modifying your home so that you can keep living in it safely. Continue Reading Understanding Long-Term Care Insurance

Choosing the Right Nursing Home

Choosing the Right Nursing Home

Choosing the Right Nursing Home

The decision to place a loved one in a nursing home is difficult enough, but families also need to decide which one is the best choice. There are so many options, so how do you know which one is right?

Nursing homes provide 24-hours patient care, home-like environment, ensure proper nutrition and have skilled nurses. What else needs to be considered in choosing the right place? What steps should you take in selecting one for your loved one?

Make a checklist and get every question answered before selecting which home you believe is best.

1. Do Your Research: The first step in selecting a nursing home is to seek referrals. Talk with your doctor, long-term care professionals, hospital discharge planners, social workers and friends and family. Speaking with them can help you clarify issues and focus on your needs. Makes sure that the patient and members of the family are all involved in the decision-making process. Continue Reading Choosing the Right Nursing Home

What to do with an Inherited IRA account

Are you expecting to inherit an IRA account from a parent or spouse? According to a recent article on the AARP website, there are some things you should know before you cash in the account.

The spouse inherits:

In the case of a husband or wife getting the IRA when the spouse dies, the funds can be transferred to his or her account. Another alternative is to retitle the IRA. That involves having the account retitled as “Bill Smith IRA (deceased Aug. 1, 2012) for the benefit of Lisa Smith, beneficiary.” Only then, can Lisa start taking money, penalty-free.  Yet, once Lisa turns 59½ , she has to retitle the account in her name. Doing that allows her to defer withdrawals until she turns 70½.

Continue Reading What to do with an Inherited IRA account