My Mom has just been diagnosed with Alzheimers. I am so out of my element, as I was not expecting to have to deal with these decisions for a couple more decades since I am only 27. I have no siblings and my Dad has already passed away. My mom is not old enough for SSI, so I am wondering if it would be better to apply for Disability Income and Medicare insurance for her? Or should I make her a dependent on my own taxes and health insurance? How would I even declare her a Dependent when she is not my child and does not live with me? Will she even qualify for Disability if I have her withdraw from her retirement accounts, where she has managed to build up over $1M? Are these questions I should ask a Lawyer or a Financial Advisor? I have no idea where to even start with all of this.
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How old is Mom? If she is a widow, she can collect SS at 60, 62 at 75%. For her to be a dependent on your income taxes you must be paying for 50% or more of her care.
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Remember she has a lot of assets. You can get her into a nice memory care where she should not be bored if she did nothing at home. And at 27 you need to work to build your own financial security.The problem is if you can get her to sign documents making you POA. A good elder attorney can assess the client if it is still possible or if you need guardianship/ conservatorship.. Bring all documents with you including her retirement statements. Each state has different laws.
Do not make her a dependent. Someone will be able to post the reasons. You can find a certified elder attorney in your area www.naela.org or www.nelf.org