Kent Larsson writes about the proper use of wills, advance directives, trusts, and other estate planning tools, and how how they play a vital role in you receiving proper medical care and helping you to preserve and pass on your assets to your loved ones.
More than half of the states in the U.S. have laws requiring adult children to provide care and support for elderly parents.
Laws have been passed in 28 states that require adult children to provide financial support for their elderly parents, if the parents are unable to pay their own bills, according to the Wills, Trusts & Estates Prof Blog in "Filial-Responsibility Laws Could Cost You."
These laws were not used much in the past, because government programs for the elderly, such as Social Security, Medicare and Medicaid provide financial support for the elderly.
Today, with people saving less and living longer, many elderly people are not able to afford the costs of their own care, which is increasing.
Nursing homes in states with filial-responsibility laws are increasingly looking to enforce them against children with parents who do not pay their bills.
Reference: Wills, Trusts & Estates Prof Blog (May 3, 2017) "Filial-Responsibility Laws Could Cost You."
Suggested Key Words: Estate Planning, Elder Law, Social Security, Medicare, Medicaid