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Earlier today, we released our October 2022 newsletter. If you did not receive it by email, please see the below link to open it from our website.

Again this month we present three articles, and all three should be of interest to our Elder Care and Estate Planning clientele.

This month’s articles cover:

  • Assessing how much long-term care insurance you may need. Long-term care insurance policies vary widely in terms of the amount of coverage and how long the protection lasts. A good starting point to figure out how much coverage you need is surveying current costs, and your expected income – to craft a plan to cover the gap.
  • Nursing home caution. Federal law prohibits nursing homes from requiring family members or friends to sign documents that would leave them financially responsible for their loved one’s care. Yet many will still ask a family member or friend to co-sign admission agreements, which could incur that personal liability. Educate yourself before going through this process!
  • Talk to your kids about finances in later life. A recent survey finds 55 percent of the adult children of Baby Boomers say they are not prepared to financially help their parents cope with rising inflation and living expenses. In fact, many are still dependent on the parents for financial help, just as 10,000 Baby Boomers are retiring each day. But one-third of adults age 40-55 in this category already are providing some financial help to their parents. A common theme is a lack of communication, on what can be a delicate topic. It is important for families to have an honest and respectful financial conversation before parents encounter a medical event, or the need for care arises.

We hope you find the October 2022 newsletter informative. Should you have legal questions about dealing with these circumstances, or any Elder Law or Estate Planning issue, please don’t hesitate to contact the experienced staff at R. F. Meyer & Associates for help.

Reach our law offices in Worthington at by calling 614-407-7900, sending email to Info@ElderLaw.us, or just filling out the contact form on our website at elderlaw.us/contact.

Sincerely,

Richard F. Meyer, Esq.

 

Link to the full October 2022 R. F. Meyer & Associates newsletter in PDF form