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"A power of attorney (POA) is an important element of planning for your elderly parent’s future. It allows another person to take action on your parent’s behalf, ensuring bills get paid and medical decisions are made in the unfortunate circumstance that your elderly parent is unable to do those things on their own."
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Embarking on the journey to secure power of attorney for your elderly parent is like preparing for a special mission! Here's your step-by-step guide:
In instances where a parent is grappling with dementia, if their cognitive abilities remain sufficiently intact, obtaining power of attorney is feasible. However, it is advisable to initiate this process prior to significant cognitive decline.
Challenges and Considerations:
Acting as the power of attorney, you bear the responsibility of ensuring your parent's nursing home expenses are met from their own financial resources. It's crucial to distinguish that this obligation doesn't extend to your personal assets.
Moreover, it's noteworthy that legislative provisions instituted in 2016 prohibit nursing homes from compelling third-party financial guarantees. Although, vigilance is advised to avoid inadvertently assuming any such obligation.
Disposition of Assets and Medicaid Implications:
For power of attorney holders contemplating the liquidation of the principal's assets, a nuanced understanding of the Medicaid asset eligibility criteria is imperative. Misjudged asset transfers may render the principal ineligible for Medicaid support.
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