Minneapolis Estate Planning Attorney, Jacqueline Schuh, talks about handling planning for aging parents.
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Yes. There’s a number of unique issues that are related to aging parents and transitioning and assisting parents as they get older. One of those that’s frequently common is children and families, parents – with their parents – will come in and their concerned that if the parent goes on long-term care or goes into a nursing home, all of their assets by nursing home costs. So we can assist them in understanding the medical assistance program that exists in Minnesota, what it’s comprised of, some asset preservation or asset planning techniques that they can use to preserve the assets by gifting or by taking measures so that all of the assets are not taken by long-term care or nursing home placement.
We also talk about things like estate planning for the parent in terms of who should step in for making financial decisions and taking care of day-to-day bills, and when that might be appropriate. Health care decisions and when that might be appropriate and what documents we can use for that. And also vulnerable adult issues, because obvious _____ parents age, they become more vulnerable. And so what systems are available and in place to assist us with all of those if – in the event any of those issues arise.