Skip to main content

What is inflation? How long will it last? Watch "Inflation on the Rise" for answers.

I Stock 538176790

Adult Children Could be on Hook for Parents' Nursing Home Bills

Photo of author, David Nolan.
David Nolan
Senior Investment Strategist

As the Baby Boomers continue to move past retirement and into needing long-term health care, many families struggle to pay for it, much less understand what their personal risks are. If your state has a certain set of laws, the burden may be great for the children of Baby Boomers.

In total, 29 states have laws that can make adult children financially responsible for their parents’ necessities of life when the parents do not have the means to pay for such necessities on their own. These laws are referred to as "filial responsibility" laws and can be used by nursing homes and other long-term care facilities as a means to seek reimbursement for unpaid bills.

The extent of this responsibility may vary, but one thing is for sure: all three of McKinley Carter’s states of operation (WV, PA, MD) carry these laws. The good news is that the laws are only enforced sporadically. But the risk is sometimes great, depending on the case. The following article from Forbes details the risk as well as a few case studies.

http://www.forbes.com/sites/northwesternmutual/2014/02/03/who-will-pay-for-moms-or-dads-nursing-home-bill-filial-support-laws-and-long-term-care/#7b3b4f335620

The advisors at McKinley Carter Wealth Services are available to be a source of help. Please call us today for more information at 866.306.2400.

Related Insights
I Stock 518591158 FINAL IMAGE SAT blog Feb2022

Do You Have a Financial Timeline?

A financial timeline is a great way to help you track and understand financial data points from your past, as well as map out potential data points in the future for planning purposes. If you've never considered your own financial timeline, you should. Here's why.

Read More
I Stock 1324691776 JMJ blog Banner resized

Is My Money Improving My Life?

With the new year comes new resolutions and goals. If you're looking to get your financial house in order in 2022, don't forget to focus on your Return on Life. Learn what steps to take to help your financial goals become reality.

Read More
I Stock 1226418360 businessowner JGS Craft

Did You Know Less Than 2% of Businesses Value Themselves Annually?

If you're a business owner or entrepreneur, your business is your greatest asset. Not only do you invest your time and talent into growing your business, it takes significant capital too. But did you know less than 2% of businesses actually take the time to value themselves annually? Whether it’s simply due to a lack of time or expertise, today's business owners don't do a deep-dive analysis into their businesses every year, which results in a significant number of them being undercapitalized. Learn what you can do to keep your business operating at its full potential.

Read More
Play