Forties, Ideally. Definitely early 50's. Their stuff needs to be moved into a trust 5-7 years before they ever need Medicaid to avoid the Medicaid Estate Recovery clawback. It's 5 for most people. 7 for Veteran's.

earlier than you think--and its important because they need this money to support themself!

my story: My mother started showing signs of mild cognitive decline around 80, but it was hard to gauge--this happened over covid and we lived far apart so I wasnt seeing her. once she was vaccinated, I visited and could see that she wasnt paying bills, getting confused. etc. started taking over finances, etc. Turns out that over the past year she was essentially scammed out of 200k by a charming scoundrel contractor who way way overcharged, did unnecessary repairs/renovations, referred friends to do stuff that wasn't in the least necessary (she did, actually need to renovate her bathrooms but refused to!)....its been a nightmare to undo (they actually caused even more damage to plumbing, ripped out perfectly functional irrigation and put in a system that needed to be replaced 18 months later and costs thousands in water bills beause they hooked like 5 houses up to her meter, try getting LADWP to respond....). My mom didn't keep much in the way of receipts, or they didn't give her many, and she was hospitalized and I can't find the contractor's license, etc. The names dont match up to the checks she wrote and in some cases she signed disclosures, etc (although in california there is a law requiring a witness for people over 65, which she didn't have)...

. I could try to go after them, but I am so swamped with my own health issues, my family/kids and her care that the idea of spending a year or two and lawyer fees trying to recoup all this from across the country is just too much soo....it sucks though. She's in assisted living and will need memory care soon and that 200k could have really helped.

Anonymous wrote:

Anonymous wrote:POA, Trusts, etc?

L O L. Shouldn’t this thread be entitled “what is a good age to get your parents to protect their money for ME“?

Do you want to be taken advantage of?

Watch I Care a Lot (Netflix). It’s based on a true story.

Anonymous wrote:I don't think people can pass dementia screens and be completely incompetent. Download the SAGE test from the University of Ohio and give it to anyone who you think is past competence but still aces a formal Alzheimer's screening. I doubt any would pass.

Judgement can absolutely fail before a person is formally incompetent. My parents are so goofy, but still legally competent. Think conspiracy theorists who treat themselves with home remedies and believe that putting a will or trust in place will allow the Biden to steal their money. They weren't like this 20 years ago, but have gotten weirder as time goes on. They will seem totally normal (and would pass dementia screeners) until you hit on one of their weird beliefs, and then their lack of ability to reason or use judgement shows.

Good luck trying to give them any sort of competency test, by the way. That would be pretty darn hilarious.

I am 58 and I agree with the PP above that the early 60s provides a good occasion and excuse to have this conversation.
- To be blunt, 60ish is when people start dropping dead of heart attacks without time to plan. Now is the time for them to get things in order (and for each spouse to know what they'd need to know as a survivor) and for you to know how things are organized.
- I wish I had known what choices my mother was making about insurance at the time she became eligible for Medicare.
- I am seeing friends just 5 years older than I becoming confused about technology and susceptible to internet scams. I don't know how much of this is their aging and how much is their generational status (didn't know computers till after college), but it's very apparent and alarming.

Anonymous wrote:POA, Trusts, etc?

L O L. Shouldn’t this thread be entitled “what is a good age to get your parents to protect their money for ME“?