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.
Posts
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.
/by Moti GamburdWhen 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.
/by Moti GamburdCorporate Office / General Information
Raya’s Paradise, Inc.
1156 N Gardner St.
West Hollywood, CA 90046
Tel: (310) 289-8834
Fax: (323) 851-0375
E-mail:Info@RayasParadise.com
Featured by Assisted Living Magazine as one of the best communities in Orange County