What to Do When Your Elderly Parent is Running Out of Money

Watching your elderly parent(s) struggle with dwindling financial resources can be a distressing and overwhelming experience. The rising costs of healthcare, long-term care, and daily living expenses can put immense pressure on both your parent(s) and your family. However, there are steps you can take to address this situation effectively and ensure your parent receives the care and support they need. As an Elder Law Firm, Falco and Associates P.C. is here to guide you through this challenging journey.

  • Assess the Situation
    The first step is to thoroughly assess your parent’s financial situation. Gather all relevant financial documents, including bank statements, retirement account information, Social Security records, and details about any outstanding debts. This assessment will help you understand the extent of the financial shortfall and make informed decisions.
  • Explore Available Benefits
    It’s crucial to determine whether your parent is eligible for any government benefits or assistance programs. Our Elder Law Attorneys can help you navigate the complex landscape of benefits, such as Medicaid, Supplemental Security Income (SSI), and Veterans’ benefits. These programs can provide valuable financial support and access to healthcare services.
  • Review and Adjust Expenses
    Carefully review your parent’s expenses and identify areas where cost reductions may be possible. Prioritize essential expenses like housing, healthcare, and groceries. Consider downsizing or exploring more cost-effective housing options if necessary. Additionally, explore prescription assistance programs and other resources to lower medication costs.
  • Seek Professional Financial Advice
    Our team can connect you with financial advisors who specialize in elder financial planning. These experts can help you develop a sustainable financial strategy, including managing assets, investments, and budgeting for long-term care needs.
  • Explore Legal Solutions
    In some cases, legal solutions like asset protection planning may be necessary to safeguard your parent’s assets and ensure they can receive the care they need without depleting their resources entirely. Our Elder Law Attorneys have the experience to provide valuable guidance in this area.
  • Consider Long-Term Care Options
    As part of your financial planning, it’s essential to explore various long-term care options. This includes in-home care, assisted living facilities, and nursing homes. Our team can assist in evaluating the most suitable and affordable options for your parent’s specific needs.
  • Plan for Medicaid Eligibility
    Medicaid can be a lifeline for seniors who have exhausted their financial resources. However, navigating the eligibility requirements can be complex. Our Elder Law Attorneys can help you structureyour parent’s assets to meet Medicaid’s criteria while preserving their quality of life.
  • Ensure Legal Documents Are in Place
    Review and update your parent’s legal documents, including their will, power of attorney, and healthcare directives. These documents should reflect their current wishes and designate individuals who can make financial and healthcare decisions on their behalf if they become incapacitated.

Facing the reality that your elderly parent is running out of money is undoubtedly challenging, but with the guidance of experienced professionals, you can navigate this difficult journey with confidence.

Falco & Associates, P.C. is here to provide the legal expertise and support you need to ensure that your parent’s financial well-being and quality of life are protected. Our team understands the complexities of elder financial planning and will work tirelessly to find the best solutions for your family. You’re not alone in this journey, and together, we can help your elderly parent receive the care and support they deserve. Call us at (617)-472-6600 or contact us here for a no cost consultation.

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