Filial responsibility laws date back to 17th century English law requiring children to financially support their parents when they couldn’t support themselves.
Because of age, or maybe an illness like Alzheimer’s, millions of Americans are no longer able to take care of themselves.
Spending one’s own money for care can wipe out a life’s savings in a short time. It could be someone in your family.
What happens when the money runs out? Out of love, you may feel a moral obligation to help. In some states, however, you may be legally responsible for paying your parents’ long-term care.
In these days of economic uncertainty it is essential that people have a sense of security in terms of their future. Long term care insurance is a way to preserve that.
Like car insurance, the prices for long term care insurance will vary by company. The premium will depend on your age, health and the benefits you want.
The LTC Partnership Program provides asset protection in most states.
Since care cost differs by type and location it is important to get the right information to make an informed decision.
Other than transferring your assets to an irrevocable trust five years before you apply for Medicaid, the only way to protect your estate from Medicaid is with a Partnership long term care policy.