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Elderly Care - 5 Things Every Adult Child of Aging Parents Needs to Know Now

This article about elderly care by Michigan estate planning and elder law attorney Nicole Wipp and the Family and Aging Law Center is not legal advice. It is for informational purposes only. For legal advice on your situation, consult with a qualified elder law attorney.

As our population ages, there’s no question: adult children are increasingly needed to assist parents in times of medical crisis or just simply during the normal aging process. Whether you are a parent reading this, or a child of an aging parent, here are FIVE things that every adult child of an aging parent needs to know – RIGHT NOW:elderly care

  1. The Cost of Long Term Care Is Rising. Right now, if a parent needs nursing home care, you are looking at an approximate monthly cost of $8,000 OR MORE each month. Over the next 5 years, this number is expected to increase 15%...and over the next 15 years, FORTY percent.
  2. Basic Estate Planning Isn’t Enough. Garden variety estate planning, such as revocable living...
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An Inherited IRA Is NOT Protected From Creditors in Bankruptcy!

For several years, there has been a divide among the courts nationwide as to whether or not IRAs that were inherited are protected from creditors or bankruptcy.

 As of June 12, 2014, we definitively know the answer – and it isn’t an answer most of you will like.  The answer,  according to the U.S. Supreme Court in Clark v. Rameker is…NO, an inherited IRA is NOT protected from creditors  in bankruptcy.

 What are inherited IRAs?  Here, we are talking all tax-deferred assets that are transferred to another person after  death – except to a spouse.  When I say “all tax deferred assets,” I mean IRA, 401k, 403b, IRA annuities, etc.  A  spouse doesn’t fall under this category because a spouse the one person entitled to actually directly roll over the other  spouses IRA into their own (no, contrary to what you believe, your children are NOT allowed to do this!  Children must  set up...

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