Trusts ? Have elderly parents with no plan .

[wedsinger]

If anyone could make a suggestion; my parents are now in 80s still capable but failing a bit lately . I have 2 siblings that are out of the area so they can’t help much . I heard you can put their assets in trust and look after their assets if anything should happen . Not that I want to look after their assets I just would not like to see them lose everything if they end up in a home and have to sell their properties and lose everything.have heard stories of older folks losing everything to government after being put into care homes.

 

[hgie777]

@wedsinger The government doesn't steal all your money because you go into a nursing home. There is a cost to care which is a sliding scale depending on your finances usually (have dealt with family members in BC and ON and each process was a bit different)

Call your local office in charge of managing nursing homes. In ON its the LHIN and you can ask about the process and the cost.

To manage their finances you would need financial Power of Attorney. Going to the bank when they are of sound mind is helpful as well.

Having a POA for personal care is also important. What are their wishes for end of life care.

 

[wedsinger]

@hgie777 Thanks . Our province is such a mess I have many relatives not able to obtain a place in a home and are stuck in hospital. I would rather thinks way ahead and not have them endure this . It is not good for mental health terrible way to end your days ..