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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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.
/by Moti GamburdPaying 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 GamburdAssisted living costs can add up quickly, and for many families, affording long-term care requires creative financial planning. One potential but often overlooked source of funding is a life insurance settlement. If your loved one holds a life insurance policy that they no longer need or can no longer afford, selling that policy could help generate cash to pay for assisted living.
/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