Will Your Children Inherit Your Nursing Home Bill?


Parents want to leave behind an inheritance for their family, and not be a burden on their children.

By not planning for paying long-term care expenses in retirement, you can easily deplete your savings and investments. 

Depending on where you live, children can also be liable for unpaid bills to a nursing home.

Did You Know That Children are Responsible for Nursing Home Bills?

Some states have been aggressive in collected nursing home bills from the family of patients.

In Pennsylvania, a court recently upheld a child’s liability for their parent’s $93,000 nursing home bill.

Most people do not know that state laws exist that force children to pay for their parent’s unpaid nursing home bills.

According to Nationwide Financial, 29 states currently have laws that could make a patient’s children responsible for long-term care bills of the parents.

Shocking Concerns and Behavior

Seventy percent of soon- to- retire boomers say their major concern when preparing for retirement is paying for long-term care. 

Yet, only a small fraction have talked with a financial advisor or tax advisor on how best to handle their money, and protect their funds from unexpected nursing homes costs.

A majority of boomers and seniors do not expect their children to support them in retirement with either physical care or financial support.  However, about 75% say they have not planned for paying any long-term care costs, and do not know how they will pay possible expensive costs.

It appears that most boomers and seniors are in denial that they will ever need nursing home care. As a result, they never plan. 

Yet, according to US Government information, about 70% of people 65 and older will require some long-term care during their lifetime.

With nursing home costs in Connecticut over $120,000 per year-- and with costs increasing faster than inflation—the projected nursing home expenses for any patient will be huge, and financially overwhelming.

Develop a Strategy

Talking about the possibility of needing long-term care is depressing, and difficult for many families. Yet, families and their advisors can put this difficult conversation in perspective about the future and can make a situation easier down the road.

Boomers and seniors should start discussing long-term care planning with the family and develop a well thought out plan. 

Everyone should understand how he or she expects to pay for care and have everyone feel secure in the approach.

Planning for a sufficient lifetime income during retirement should include advanced tax planning, and creating new approaches to protect family assets.

Devising strategies for creating sufficient lifetime retirement income is essential. Protecting your money from different financial problems, including unexpected long-term care needs, is difficult.

Boomers and seniors need to develop new innovative tax and financial strategies. Don’t gamble, and potentially risk turning your children’s inheritance into a nursing home bill.

Need additional information on protecting your assets?  Call Harvey Weinstein, at Tax Advisors Network, at 860-778-8168


Harvey Weinstein, MBA


Tax Advisors Network