Planning Tools

Finding Residential Care can be confusing and is often a maze to navigate. H.E.L.P. has created a set of strategies and a listing of local resources to help you out with this.

Please download this tool by clicking here.

For questions on this tool and other care questions, please contact H.E.L.P.

As people age, many find themselves needing help with routine types of care – getting dressed, bathing, preparing meals or keeping the household clean. Although many older adults either rely on family members or friends or hire at-home care providers, others move to Residential-Care Facilities for the Elderly or RCFEs. 

California law defines RCFEs as housing arrangements for people aged 60 and above who need assistance with personal care or non-medical health-related services. Licensed RCFEs must provide their residents with:

Question: The person I just hired to provide in-home care was referred by an agency. Since I’ll pay her directly, will I need to make payroll deductions?

Answer: California law says the person hiring the household worker becomes the employer if the employment agency's only involvement is employee placement. So people who hire caretakers, domestic workers, drivers, health aides, housekeepers or private nurses must make payroll deductions and pay required taxes.

Here are the major financial responsibilities:

The Community Living Assistance Services and Supports (CLASS) Act, signed by President Obama in March, authorizes establishing a voluntary insurance program to provide financial assistance for at-home care needs. Employers will offer it to cover insured workers’ future needs for nonmedical services and support.  These will include home modifications, assistive technology, accessible transportation, homemaker services, respite care, personal assistance services and home-care aides.

Many people look for assistance with financial goals. When hiring advisors, know exactly what services you need, what services advisors can deliver, and limitations or biases that might influence their recommendations.

The U.S. Securities and Exchange Commission tells consumers to beware: Anyone can claim to be a financial planning expert. Only a select few have credentials reflecting formal education, training, and professional acceptance. Most often cited are:

Under California law, when a family home is transferred from parent to child, so long as certain legal formalities are followed, existing tax rates will remain the same.

When the age for retirement and life expectancy were similar, seniors’ decision to retire and remain at home made a lot of sense. Today, as they continue to age in place, many seniors can only guess what their future care needs might be.

Continuing Care Retirement Communities (CCRCs) guarantee their residents lifetime housing, social activities, access to assisted living (e.g., bathing, dressing, and other personal needs), and skilled nursing care that might be needed in the future.

Annuities are a type of insurance that provides periodic payments. Depending on the particular contract, payments can either last an agreed upon number of years or terminate when the insured person passes away. The reason most people like to purchase annuities is that, instead of having to pay taxes when investments accrue, taxes can be delayed until the insured person starts to receive scheduled payments. For a soon-to-retire senior, purchasing annuities is not usually recommended as the best way to go. 

Here’s a fairly common picture:

During 50+ years of marriage, a husband (we’ll call him George) handles all the banking and investments. George dies. Barbara, his surviving spouse, must now handle unfamiliar financial matters. This is especially difficult in the midst of the grief and other impacts of losing her spouse. Barbara needs to know her financial situation, but doesn’t know where to start.

Many seniors mistakenly believe that Medicare will cover most of their future health care costs. Unfortunately, Medicare coverage for long-term care is very limited. For example, should a Medicare recipient require skilled nursing home care after undergoing surgery, Medicare’s coverage will not exceed 100 days.