Paying for Your Parent's Care ♦
2 CE credits • Patrick Hatting, MBA, ChFC, CLU, CASL, LUTCF
• IA Course No. 102192 (General)
• NE Course No. 37911 (Sickness, Accident, Health)
• TX Course No. 110085 (General)
• WI Course No. 6000017026 (General)
• CFP Board Program ID No. 244431
There are currently 29 states with filial laws that could require adult children to be financially responsible for their parent's long term care. There are recent course cases in some states where private long term care facilities have sued adult children to pay outstanding long term care expenses of their parents. Understanding the difference between private pay and what happens when private pay funds are exhausted is essential. The possibility that adult children could be sued by a long term care facility to pay those outstanding long term care bills is very real. Long term care insurance, combination life insurance with long term care insurance and other insurance funding programs will be reviewed. Some families have a plan and a strategy to ensure the best care possible and other families fail to plan and find themselves in financial dire straits.