May 10, 2023
This is one of my favorite past episodes. This is from January, 2022, and my friend that I share here is now paying $18,000/month for her mom to live in memory care. Mom is healthy, other than her mind being absent most of the time, so we have no idea how long she will live there. But, as of now, her kids are spending over $200,000 annually from her investments to pay for care.
Losing their inheritance is not the primary concern. Taking care of mom is. But as the accounts rapidly deplete for the cost of care, and the higher tax bracket, and the higher Medicare premiums, in not too much longer, mom's accounts will be drained.
The question then will be, "Do the kids continue to apy $18,000/month (or more) fromtheir own money to keep her where she is? Or do they work to qualify her for Medicaid, not knowing where she might be moved to receive Medicaid benefits?"
Diane shares how having a long term care plan in place can benefit our family. This week, we learn that, by preparing our plan early, we are designing a roadmap or blueprint for our family to follow when we need help living. Without a plan, our life and their lives instantly find chaos when dementia or a stroke changes everything in an instant.