It is never too early to discuss long-term care options with your loved ones. The possibility of needing long-term care exists for every person, yet, why is it often difficult to have that conversation with elderly parents or aging loved ones?
Four Common Long Term Care Options
When long-term care is needed, there are four primary solutions. Each approach will be influenced by the financial situation of our loved one.
Here are the four most common situations people find themselves in when needing long term care:
- Long term care costs are paid out of pocket from investments or other assets.
- A long-term care insurance policy is in place and covers some to all of the expenses.
- With assets depleted, a facility that is covered by Medicaid reimbursement is an option.
- If available, moving in with their children, or their children are moving in with their loved one.
When long-term care is needed and no plans have been made, people may feel cornered into making a decision.
Planning for potential of needing long-term care is not only for the elderly. The primary household provider with dependent children—and even empty nesters—are wise to plan for the possibility that an accident or critical care health issues could arise.
How can family members take a step toward a conversation about long-term care, when loved ones do not take it upon themselves to plan?
Love Letter to My Family
As financial advisors, long-term care options are discussed as part of the custom financial plan built for each client.
If your loved one has not planned for long-term care with their financial advisor, you may find that the conversation falls in your court. As basic as it may seem, bridging the topic with elderly parents may be a very uncomfortable assignment.
That is why Executive Wealth Management offers the “Love Letter to My Family”.
The “Love Letter to My Family” is organized to help you walk through the conversations you need to have with your loved ones. As a prepared guide, sitting together with a coffee and working through the guide helps families get past what might otherwise feel awkward. Usually, loved ones appreciate the care and thoughtful attention.
A Comprehensive Guide
The “Love Letter to My Family” is a document that allows you to work through options for long- term care should the need arise.
A Will or Trust is an important legal document that provides loved ones or legal ground a sense of direction at the time of death These documents typically do not contain all of the necessary information families will need when disability occurs or before long-term care is needed.
The “Love Letter to My Family” includes other important details;
- Contact information for professionals such as accountants, attorneys, etc;
- Location of records;
- Accounts and bills to be paid;
- Medical providers;
- Insurance policies, and more.
Caring and Compassionate Communication
Your loved one may want to cover these matters, but may not know how to ask for assistance. Once the conversation is started, the attention and care can turn to preferences they may have for an end-of-life celebration and be able to share previously unspoken wishes.
Communication is the key to a successful long-term care and estate plan. Ensure your loved ones know who the trustee, executor, and beneficiaries are for the estate.
When long-term care is needed, significant decisions will need to be made. by taking the time to plan and document important information, you can guide your loved one toward making those decisions together.
Contact us at info@ewmadvisors.com or (810) 229-6446 for a copy of the “Love Letter to My Family”.
Executive Wealth Management, LLC is a registered investment advisor with the securities and exchange commission. Reference to registration does not imply any particular level of qualification or skill. Advisory services offered by investment advisor representatives of Executive Wealth Management. Brokerage products and services offered by Registered Representatives of Private Client Services, LLC member FINRA/SIPC. Executive Wealth Management and Private Client Services are unaffiliated entities. Topics discussed in this article may not be appropriate for all individuals. It is important that you discuss your long-term care options with a qualified professional.
