Even if your loved one, with your help, follows all the advice given, it is still possible that there may not be enough money to pay for all the care he or she might need (especially if your loved one has a spouse who will also be depending on those assets for his or her long-term care). Remember the following two facts:
IMPORTANT NOTE: Avoid establishing a joint account with your loved one. If you intend to supplement the government assistance he or she will receive, pay for whatever goods or services are required out of your own funds. By putting a portion of your funds into a joint account, your loved one now has, in effect, 50% ownership of those assets. Consequently, those funds could be significant enough to disqualify him or her from government assistance.
If You Are Paying to Support Your Loved One
If you decide to help your loved one with the costs of his or her care, follow these pointers:
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