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Subject:  Re: Retirement/Protection of assets Date:  1/24/1999  12:51 PM
Author:  TMFPixy Number:  8065 of 105397

Greetings, Cozyhand, and welcome. You wrote:

<<My parents are in their seventies and until this year have enjoyed good health, however, this year my father has experienced some pretty serious medical problems. I'm pleased to say (at this time) he's stabilized to the point though that both my parents are now extremely concerned with protecting their assets should one not be able to care for the other and have to seek outside assistance or even a resthome situation. I am an only child and live some distance therefore I am unable to assist them as would be necessary if/when things get worse.
Their assets are fairly sizeable and basically live off interest from bonds, mutual funds, and rent from a business building they lease.They also own a couple of houses and a few acres of land. In any case, I'm wondering if anyone out there might have had experience with this kind of situation and throw some bread on the water! I'ts a shame when people work hard their whole lives and then not only have to deal with advancing age (health problems), but worry how to keep the buzzards off the fence waiting to take everything should they require long-term care. They belong to an HMO and aside from the standard complaints, has saved them in this regard, yet Long-Term Care insurance may be cost prohibitive. Their looking into it, but indicate this prospect is not looking favorable at this juncture! What would a FOOL do?
I would be grateful for any thoughts/feelings you may have!>>

You have my sympathies over the care of your folks. I, too, continue to struggle with this problem. Distance, lack of nearby assistance, and the looming specter of admission to a nursing home all create special problems difficult for children and their parents to solve. Eldercare is an issue of concern that plagues most families. Unfortunately, it will get far worse based on demographics, and there is no ready solution. Indeed, you can expect that your parents will have to use much of their assets to pay for such care if and when the need arises. Also, at their ages you and they will discover that long-term care coverage will be prohibitively expense while providing less than full coverage. That's a sad but true situation.

TrudyKAS suggested your parents see an estate planning attorney skilled in eldercare issues. I concur most strongly. Further, I suggest you visit the American Association of Retired Persons' website at . There you will find a weatlh of good material on how to approach this problem. While I doubt you will find a total solution -- ever -- to this problem, there are a number of approaches you may take. AARP provides some excellent discussion of those methods.

Good luck in your search.


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