Long-term care, estate administration and your elderly parents
It’s never easy to watch your parents get old, but it’s something you’re likely to face in the future. Since you want to do your best to help, it’s important to work closely with your parents to ensure that they have the right long-term care strategy in place.
Not only does this strategy affect your parents while they’re alive, but it does the same to their estate when it’s time for distribution.
There is no right or wrong answer as to when it makes sense to put a loved one in a nursing facility. This is based on a variety of factors, such as their overall level of health and the recommendation of their medical team.
Here are some of the many things to think about in regard to long-term care:
Long-term care insurance: It’s not something everyone buys, but you should discuss it with your parents before they need coverage. Buying a comprehensive policy early enough will give you and your parents peace of mind.
How to pay for long-term care: There are many ways to pay for long-term care, with a long-term care insurance policy at the top of the list. Even if it doesn’t cover 100 percent of expenses, it’s likely to provide financial relief during this difficult time. There are many other ways to pay for long-term care, such as personal savings, retirement accounts and assistance from loved ones.
There is more than one type of care: Long-term care is available in many forms. For example, some people only need a nurse to check in on them once or twice per day. Others, however, are best off living in a nursing facility to ensure that they receive around-the-clock care.
Determine where you fit in: Maybe you’re okay with the idea of your elderly parents living with you for the time being in Torrance. Or maybe you come to find that the best situation is for them to move into a nursing facility. Regardless of the final choice, get a better idea of how you can help.
When it comes to long-term care and estate administration, it’s critical to provide your elderly parents with all the assistance they need. You don’t want to get in the way, but making yourself available can help ease the stress and put everyone in a better position moving forward.
If you are ready to discuss your estate planning needs please call us now at (866) 829-3367 for a free consultation.