Okay, here's what we did right...
- Mom bought nursing home insurance. No telling how good it will be, but at least it's there.
- Mom picked out the assisted living facility she wanted to go to before she needed it.
- Both Mom and Dad saved for many years.
- Both Mom and Dad worked at paying jobs for many years, so they both have a pension and social security income now. It's higher than most. The good elder care facilities talk to us. If Mom had stayed home, they'd only have half as much. (They actually need about 4 times as much, but this is better than it might have been.) All five of us (kids) are fine, by the way...nobody lost out because Mom got paid.
Here's what we did wrong:
- We didn't get the nursing home insurance earlier. Dad had a stroke in his late 50's. No one will insure him now.
- We didn't pick an assisted living facility with gradually increasing care levels. They're about to be thrown out of "assisted living" at $3400/month to a full-blown nursing home at a cost of $15,000/month. Neither of them need that yet, but we may have to pay it, and then watch the government run their lives after their savings run out. Intermediate care facilities and full service end of life facilities exist. Find them. Get on their waiting lists. (The best one I found has a 2-year wait.)
- We didn't protect their money by putting it in a trust. You want an elder care lawyer for this, not a run of the mill lawyer, and go to one who doesn't take a percentage of their total assets.
7:38:20 PM 
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