Perhaps one of your parents just had a stroke. Or your wife has suffered from Alzheimer’s or dementia for a while and her situation keeps getting worse. Or maybe a loved one, such as an aunt or grandparent, has been living in a nursing home for several years and the amount of money he or she has for living expenses is dwindling.
All of these situations can lead to nursing home poverty. But – with the right kind planning – you and your family can avoid it.