What You Should Know About Helping a Loved One Choose a Nursing Home

It’s never easy to acknowledge that a loved one’s care needs might have advanced beyond what family and friends can provide. However, it is extremely important in these situations to think carefully about what is most important to their overall care and how you can find a facility that will support your loved one now and into the future. There are plenty of news stories about variability in nursing home care and quality, highlighting the importance of spending the necessary time to research and visit a facility before making a final decision.

It’s not always easy to select the right California nursing home, but doing some research and checking your funding options can make a big difference.

Start With Their Medical Condition

If your loved one only needs minor support, perhaps an assisted living facility is more appropriate. A nursing home is usually necessary for those who have one or more needs with activities of daily living, such as bathing, toileting, and dressing. A nursing home can provide staff to help support with these and other daily activities.

Visit The Nursing Homes

It’s a good idea to physically visit any nursing home you’re seriously considering. Don’t be afraid to ask questions and ask staff members to explain anything that you hear or see or don’t understand. Write down any questions you still have at the conclusion of the visit. Some important things to consider as you’re evaluating a nursing home include:

  • Will the same nursing home staff take care of your loved one day to day?
  • Who are the doctors appointed for care in the facility?
  • Is transportation provided to community activities?
  • How many residents per staff member at the facility?

These important considerations should all be carefully evaluated when deciding the right place to put your loved one. Contact our Pasadena, CA estate planning office for more personal support with your needs.

Three Tax Buckets to Consider in Your Retirement Planning

If you’re looking ahead to retirement 5 years from now or 20 years from now, you need to have a specific strategy in place to help protect your interests. The support of an estate planning lawyer can help guide you through this process and help you make adjustments to your plan as needed over the course of your lifetime. The three tax buckets include:

  • Your tax free bucket, in which money grows tax free and whether you withdraw those gains or leave the money to your beneficiaries after you pass away. Certain limitations do apply to the tax free nature of these funds and assets that fall into this category include life insurance, and Roth IRAs.
  • The taxable This refers to those savings where you’ve already paid taxes on the money and if you invest it, you also pay taxes when you get a return. Common examples of items in the taxable bucket include savings accounts, CDs, or brokerage accounts.
  • Tax deferred buckets. These are assets such as deferred annuities, 401(k)s and traditional IRAs that grow tax deferred. This means you are only hit with tax impacts when you withdraw the money.

Each of these may have different implications for how you use them in your own retirement as well as which ones you leave behind to your loved ones after you pass away. For more support in creating a customized estate plan for your needs, set up a time to speak with an estate planning attorney in your area.

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