OWM Blog – Parents Living with Adult Children

parents living with adult children

Intrafamily care was common in the United States several generations ago. With today’s aging population, there are indicators that not only baby boomers, but millennials, are inviting their parents to move in with them, renovating their homes to accommodate a surviving parent.  With the rising costs of nursing home care, children are reverting to the “old ways” of multigenerational living, giving the children both peace of mind regarding the parent’s care, and reducing many of the stresses related to long distance caregiving.  A side benefit is the home is then senior-suitable when they need it.

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Family Caregiver Agreement in Pennsylvania: How to Avoid Traps for the Unwary

Family Caregiver Agreement in Pennsylvania

According to a study conducted by AARP and National Alliance for Caregiving study, nearly 40 million Americans in 2014 were providing unpaid care to people who are older, disabled, or otherwise in need of assistance[i]. For those that leave jobs to care for family members, it can become a financial hardship for the family. Frequently, the family does not realize the legal intricacies involved in privately paying a family member or friend to provide care. Payments made to a family member or private caregiver who provides care can be a minefield of potential Medicaid and income tax issues.

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OWM Blog – Average Costs of Nursing Home Care in Pennsylvania

Knowing the cost of long-term care helps individuals plan for this expense.  Just as it is important to plan for retirement, it is equally as important to plan for one’s potential need for long term care.  Annually, Genworth Financial conducts a Cost of Care Survey, the 2017 survey was conducted by Carescout®.  It may not come as a surprise that the cost of nursing home care in the United States increased in 2017. Genworth’s survey reports that the national median cost of a semi-private room in a nursing home is $85,775.00, up 4.44% from 2016 and the cost of a private room increased over 5% to $97,455.00 annually.

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