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[quote=Fran66;29372819
I just thought of this -- I worked in Probate court for a long time -- get a person you really trust and make them (through the court system) the conservator of your person and your finances when you are not longer capable of taking care of yourself. While I know that there are loving families -- and no doubt your family is -- there are a lot of families who are not. A friend/extended-family relative can too often be trusted much more than immediate family.[/QUOTE]
It's not only a matter of whom you can trust, but who is the most competent, in terms of your selection. And who is likely to be available when needed (timewise and distance-wise).
It's not only a matter of whom you can trust, but who is the most competent, in terms of your selection. And who is likely to be available when needed (timewise and distance-wise).
You're absolutely right!
On a humorous note: With my luck, I'd choose someone older who would be declared senile the moment I needed her. :-)
I agree with you. You wrote a great post. The problem is this: You're too old or weak or feeble-minded to be able to do any of this. And IF you can do any of this, you will 'pay' -- the aides will make certain of that.
I recall reading an AARP article several years ago about how those "homes" will exclude family members/close friends if they become annoying. If I recall the article, they claim they can deny visitation if someone interferes with their business.
Here in NY, the cost of LTC is $9-10K/month. Also, we're hit with the "granny tax," a 6% assessment fee calculated daily. That fee, BTW is fully refundable at tax time, a fact which few know about and the state would rather keep it that way.
As far as LTC insurance goes, I read an article about that not too long ago, and it seems that many people are concerned that the insurance companies might go out of business and take their paid-premiums with them.
Spending time with my SIL who knows this inside out I realize how we all can be very different in how and why we the way we do about long te insurance. She refused to get it and is no fan of. She keeps saying for what purpose and all it does is draw your nestegg down and makes it easier to outlive your money. I have more of a fixed income stream perspective. While they ate comfortable on retirement current yield rates make more of a challenge. Since she is a geriatric social worker I know her feelings are on solid ground. Even before retirement the money spent on LTC insurance could have been invested instead.
My inlaws spent 48K over 10 years on LTC premiums.
Invested that would be alot of money.
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