BEWARE if Asked to Hand Over Your Wealth
If your loved one is asked to commit everything to “Age in Place,” DON’T !!! “Don’t ever, ever liquidate and commit their entire estate (i.e., their stocks, bonds, properties, jewelry, car, etc.) to any senior care facility,” says John E. Kasarda, Administrator of Little Brook Nursing and Convalescent Home in Califon, NJ. Although it may seem enticing to “Age in Place,” that is, to continue living your life through a progression of residences on the same site, one never knows what fate has in store. What if your loved one becomes unhappy or is not receiving the quality care they require and wants or needs to move? What if their facility has to close down due to a catastrophe like a Hurricane Sandy event? Being tied down to one facility could become more of a hindrance than a convenience. So, if the senior care facility’s management is asking that your loved one commit their entire wealth, be very leery and don’t sign any documents until you’ve discussed this with your family and attorney. Not only will you and your loved one commit yourselves to this situation, but because the finances are encumbered so too will your loved one’s lifestyle options be restricted.
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