I have found that most of my clients want to hear advice from unbiased third parties. With this in mind – here is an intro to an article recently posted on Nasdaq.com…
Creating a Formal Plan for Long-Term Care
January 31, 2018, 10:11:00 AM EDT By Investopedia
By Robert A. Klein
Have you had the talk? If you are an adult child, the talk is sitting down with your parents. When you have the talk with your parents about their options for long-term care, it’s important to discuss where they are going to age. In a perfect world, they will age in their own homes. Sometimes this is not possible for a variety of reasons. And no matter where they are going to live, determining who is going to care for them there should be part of the conversation.
If you are retired or contemplating retirement, and your adult children have not talked to you about this, consider bringing it up yourself. Invite your children to have the talk with you. While they may not want to, you can remind them if you don’t have this discussion now, it will be much harder later.
A conversation about long-term care should serve two primary questions: where you plan on living in retirement and what happens when you get sick. It should also include a formal plan for long-term care. Including advisors like insurance, finance, tax and legal specialists in this conversation is important. The key is to communicate your wishes clearly, write them down and execute them as needed.
