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Are You Responsible for Your Elderly Parent’s Debt?

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Let’s say your mother has granted you power of attorney over her finances, and she has recently become unable to manage her own affairs due to dementia. Upon reviewing her accounts, you discover several thousand dollars of debt. Can creditors come after you personally for this money? The answer is no. Even if you have power of attorney, you are not responsible for your parent’s debt unless you were a co-signer on the loan. However, many adult children feel morally obligated to ensure these debts are handled appropriately. Before deciding what to do, it’s essential to understand your options and obligations.
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Using Life Insurance to Pay for Assisted Living

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Finding ways to afford assisted living can be one of the most difficult parts of planning long-term care. While traditional savings, long-term care insurance, and Medicaid planning often take center stage, there’s a lesser-known strategy that may offer relief; converting a life insurance policy into a long-term care benefit. This method doesn’t work for everyone, but for those who qualify, it can help bridge financial gaps without giving up needed care.
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Deducting Medical Expenses to Help Pay for Assisted Living

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Paying for assisted living is a significant financial commitment that many seniors and their families must navigate carefully. However, there’s good news: many of the expenses associated with assisted living are tax deductible. These deductions can provide flexibility in your budget and help allocate funds more effectively. By understanding the criteria and keeping thorough records, you can maximize potential tax savings.
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Understanding Assisted Living Costs

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When families first explore assisted living, they are often surprised by the price. The initial reaction may be that it’s too expensive, especially compared to having a senior remain at home. However, this assumption doesn’t always reflect reality. To truly assess the value of assisted living, it’s essential to compare it with the total cost of living independently, factoring in expenses like housing, utilities, food, healthcare, and home maintenance.
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