My 95-year old mother-in-law, Elizabeth Windsor, recently passed away. My wife, Donna, and I had the privilege of caring for her in our home for the last eight months of her life. Fortunately, as a member of Elder Counsel, I had access to a wide range of elder care planning tools that we deployed preparing for Liz’s passing, including those described in the January 4, 2018 Elder Counsel Blog.
As parents age, it’s common for their adult children or loved ones to become concerned about their financial situation and long-term care as they reach and surpass their retirement years.
While it can be difficult for adult children to talk to their parents about these things, it is an important and necessary conversation to have. Doing so enables them to help ensure their parent is prepared to get through their retirement years once they’re no longer drawing steady income from gainful employment.
Furthermore, if adult children or other family members will be involved in their loved one’s long-term care, it is essential to have a financial plan in place to avoid unexpected or mounting expenses that can deplete their retirement savings. If an adult child is going to be acting as a caregiver, for example, it’s imperative that they have everything they need to fill that role. That includes knowing their loved one’s wishes for end-of-life care, having a power of attorney in place and making sure there are adequate resources to pay for their living expenses, long-term care, and final expenses.
If your client’s child or other family member is unsure where to begin, or what topics to cover, the following checklist will serve as a helpful guide to ensure that they don’t overlook any of the important aspects of helping their parent or loved one manage their elder care finances.
This checklist can serve as a starting point to begin getting things organized and in order.
Matters of aging and long-term and estate planning can be emotional and challenging for both the aging parent or loved one and their adult child or relative. But it’s important to make sure things are in order to ensure that these matters are handled as smoothly and effectively as possible.
The goal of elder care planning is to guarantee that your loved one’s needs and wishes are met and that you can help them execute those wishes in a manner that doesn’t become your own financial burden. Making these arrangements before an emergency situation occurs will give your entire family peace of mind and help avoid stressful family or financial conflicts in the future.
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