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<blockquote data-quote="Maddog" data-source="post: 221800" data-attributes="member: 5355">Another option to consider for you folks.&nbsp; We met with a financial planner a number of years ago and this is what we did after quite a bit of discussion:For our parents, we opted to go down the route of divesting them of &quot;all&quot; of their assets such that it wouldn't be drained away by long term care costs.&nbsp; We set up a joint (just the kids) family checking account where the divested money resides.&nbsp;&nbsp; We use(d) that $ for any/all of their needs.&nbsp; They had/have LTC insurance thru Thrivent.&nbsp; But after realizing that their policy covered such a small portion of the potential cost of a nursing home we decided to go this route instead and then after 5 years cancel the LTC policy.&nbsp; If you consider this as an option for you, be aware of look-back periods for asset divestment (thinking it was 5 years when we did the divesting) that comes into play.&nbsp;&nbsp; The house was sold to 2 of us kids (some didn't want to partake because of personal financial reasons - ie college financial aid).&nbsp;&nbsp; Currently our Mom is still living at home and has a car and minimal $ in her checking.&nbsp;&nbsp; We periodically supplement her checking from the joint, kids checking account.&nbsp; Our Dad ended up going to a nursing home (dementia issues) where he passed away after 8 months.&nbsp; One can think they will help their parents out (&quot;come live in my house&quot;).&nbsp; We opted that it would be easier for all if we didn't do that.&nbsp; I hear you all about your parents helped you out when you were youngins but perhaps if heaven forbid someone you love gets to the stage when they need more than an individual person can give, you too may go down a different path. ??&nbsp; &quot;Do not judge, less you be judged too.&quot;The hardest thing I have done to date in my life was take my Dad to the nursing home and then seeing him slowly wilt away to &quot;nothing&quot;.</blockquote>

[QUOTE="Maddog, post: 221800, member: 5355"] Another option to consider for you folks. We met with a financial planner a number of years ago and this is what we did after quite a bit of discussion: For our parents, we opted to go down the route of divesting them of "all" of their assets such that it wouldn't be drained away by long term care costs. We set up a joint (just the kids) family checking account where the divested money resides. We use(d) that $ for any/all of their needs. They had/have LTC insurance thru Thrivent. But after realizing that their policy covered such a small portion of the potential cost of a nursing home we decided to go this route instead and then after 5 years cancel the LTC policy. If you consider this as an option for you, be aware of look-back periods for asset divestment (thinking it was 5 years when we did the divesting) that comes into play. The house was sold to 2 of us kids (some didn't want to partake because of personal financial reasons - ie college financial aid). Currently our Mom is still living at home and has a car and minimal $ in her checking. We periodically supplement her checking from the joint, kids checking account. Our Dad ended up going to a nursing home (dementia issues) where he passed away after 8 months. One can think they will help their parents out ("come live in my house"). We opted that it would be easier for all if we didn't do that. I hear you all about your parents helped you out when you were youngins but perhaps if heaven forbid someone you love gets to the stage when they need more than an individual person can give, you too may go down a different path. ?? "Do not judge, less you be judged too." The hardest thing I have done to date in my life was take my Dad to the nursing home and then seeing him slowly wilt away to "nothing". [/QUOTE]

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