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Who are you caring for?
Which best describes their mobility?
How well are they maintaining their hygiene?
How are they managing their medications?
Does their living environment pose any safety concerns?
Fall risks, spoiled food, or other threats to wellbeing
Are they experiencing any memory loss?
Which best describes your loved one's social life?
Acknowledgment of Disclosures and Authorization
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Mostly Independent
Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
Remember, this assessment is not a substitute for professional advice.
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bwatts001, glad you are thinking ahead on what to do. There are many ands, ifs, and buts here.
Example, if you find in your later years that you need Medicaid [which is different from Medicare], when you pass, Medicaid will put a lien on the house. So when the house sells, Medicaid will get some of the equity. But then there is the bank who also wants to get paid. So, this can become so complex.
Read the fine print on your mortgage papers. Hopefully there isn't a "due on death" clause. The heirs can take over the house and still make the mortgage payments. Or if they notice the interest rate on your loan is high, they can refinance the house. Or sell the house.
With the life insurance policy, would the amount be enough to cover the mortgage? You will need to check to see what Medicaid may or may not do regarding a life insurance policy. Again, so complex.
I would recommend making an appointment to see an "Elder Law Attorney" who can put all the ducks in a row for you, and recommend the required legal paperwork to make everything happen the way you want it.
When you die your estate is responsible for settling your debts.
A mortgage is secured by the equity in the house. When you die the mortgage must still be paid. Unlike credit card debt which is not secured, and is ‘forgiven’ if there are no assets to pay it off.
if you have life insurance you can assign it in a couple ways to cover the outstanding balance on your mortgage. You can include the bank as a beneficiary, you can make your estate the beneficiary, or you can make your kids the beneficiary. Be aware that if the kids are the beneficiary of the life insurance, they are not compelled to use the funds to pay off the mortgage.
The mortgage company will either get its loan repaid in full, or it will get the house. That's how mortgages work. So your question should really be: will the life insurance policy payout be enough to cover the outstanding mortgage?
Your executor(s) is/are responsible for settling your debts. That person may or may not be one or more of your children. Have you made a will?
So if I leave them life insurance money, will the bank go after them and force them to pay the balance or can they let the bank take the house back if they don't want it? I want to make sure they have some money after I'm gone.
If your life insurance policy lists your children as beneficiaries, the bank cannot go after them to pay off the mortgage. If your estate is the beneficiary, then any outstanding debts must be paid before any funds are distributed to your heirs.
if you have significant equity in the house, it makes more sense for the kids to sell it, pay off the mortgage, then split the remainder between them.
I remember from the GFC that the USA has an unusual type of mortgage that isn't a continuing debt - the borrower/ home purchaser can just walk away from the house and the debt. It was one of the things that prompted all the problems. It only applied to some mortgage types. I think it would be a good idea to get legal advice. Take all the paperwork with you.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Example, if you find in your later years that you need Medicaid [which is different from Medicare], when you pass, Medicaid will put a lien on the house. So when the house sells, Medicaid will get some of the equity. But then there is the bank who also wants to get paid. So, this can become so complex.
Read the fine print on your mortgage papers. Hopefully there isn't a "due on death" clause. The heirs can take over the house and still make the mortgage payments. Or if they notice the interest rate on your loan is high, they can refinance the house. Or sell the house.
With the life insurance policy, would the amount be enough to cover the mortgage? You will need to check to see what Medicaid may or may not do regarding a life insurance policy. Again, so complex.
I would recommend making an appointment to see an "Elder Law Attorney" who can put all the ducks in a row for you, and recommend the required legal paperwork to make everything happen the way you want it.
When you die your estate is responsible for settling your debts.
A mortgage is secured by the equity in the house. When you die the mortgage must still be paid. Unlike credit card debt which is not secured, and is ‘forgiven’ if there are no assets to pay it off.
if you have life insurance you can assign it in a couple ways to cover the outstanding balance on your mortgage. You can include the bank as a beneficiary, you can make your estate the beneficiary, or you can make your kids the beneficiary. Be aware that if the kids are the beneficiary of the life insurance, they are not compelled to use the funds to pay off the mortgage.
Your executor(s) is/are responsible for settling your debts. That person may or may not be one or more of your children. Have you made a will?
if you have significant equity in the house, it makes more sense for the kids to sell it, pay off the mortgage, then split the remainder between them.