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Safe Inheritance Corp.
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Paying for Care
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In this issue...
If You Don't Protect Your Assets...
Recently I sat in a classroom with a number of other long-term care professionals. During a break, I met someone who was a Social Services director for a very large Bay Area skilled nursing facility.
When I explained that my specialty involves helping seniors protect their assets and access State funds to pay for care, she immediately bristled. "I believe everyone should just spend down all their money. When it's gone, sell the house and spend it, too."
Not the first time I've heard that... it's an argument made by someone who's never had their parent in a facility. So imagine this... Mom's in a facility and dad's at home with shaky health. Each time you pay the facility, you'll wonder if Dad will have enough to live on. How do you feel about that? Even more to the point, what if your spouse needed care?
I would tell you that almost everyone in the long-term care field has a great heart for people. But the industry operates on money - don't ever forget that. If you don't protect your assets... don't expect the long-term care industry to do it for you.
Your Living Trust and Long-Term Care
Almost every senior I speak with believes their revocable living trust has magical qualities and will solve every financial problem they now have or will have in their futures. Most believe that it will protect them and their families if they need long-term care. What do you think?
A revocable living trust accomplishes something very important, assuming you've done everything properly - it keeps your estate out of probate. Probate can be expensive and can take quite some time to settle. A judge usually scrutinizes every transaction, and all the information is made available to the public. A living trust keeps things private, efficient, and less expensive.
But it does not protect your estate from Medi-Cal Estate Recovery if you receive long-term care benefits. The State will have the ability to seek repayment of all monies paid whether or not your assets are in trust. The good news is that the rules allow you to protect the assets, even if your revocable trust can't do it...
NOTE: If you have a living trust, watch the next issue about how you can have a living trust AND still be in probate!
What’s an RCFE?
If you find yourself in a situation that someone you know needs long-term care, it's good to know there are other choices than skilled nursing. Of course, you will want to match the type of facility to the care needs of your loved one, so an acute level of need would usually indicate skilled nursing. But this article will attempt to give you some information on a level of care you might not have heard of.
Residential Care Facilities for the Elderly (RCFE) is a type of licensing for various long-term care facilities in the State of California, including Assisted Living Facilities. But I wish to discuss a specific niche in this article - one that you might know as "Board and Care," or a "6-bed."
Many people are converting residences - maybe even in your neighborhood - to long-term care facilities. Typically, they will do some remodeling, especially to showers and stairs, applying for State licensing, and hire caregivers.
This type of care can be highly personal to the needs of its residents. It can make Mom or Dad feel like they still have all the comforts of living at home. The right staff will bond with your loved one and make them feel like family.
On the other hand, there are only six residents - if they don't get along well, it can create real problems. Some residents require more social interaction than a 6-bed can offer.
More importantly, as health changes occur, sometimes a resident needs to be transferred to a skilled facility where medical professionals can address more serious needs. Some RCFE's can have a tendency to hold the resident too long because they don't want to lose the money. But a keen set of eyes on your part can make sure that doesn't happen.
If you find the right fit, RCFE's can provide excellent care that is personalized directly to your loved one. Safe Inheritance has established relationships with many quality facilities. If you need help in finding care, call us.
If you would like to discuss this, or any other article in this newsletter, just call (888) 887-0890, ext. 9.
Safe Inheritance Corp. specializes in helping seniors access State benefits for long-term care while protecting their assets.