I wanted to share a link to this wonderful video I found online about having “tough financial conversations” with aging parents when it appears they do not have, or will quickly be running out of money, to cover their long-term care expenses.
In my opinion as an Orange County elder attorney, this issue is more problematic than ever. With medical technology constantly improving and people living longer as a result, even the most financially-savvy individual can find their savings or retirement accounts sorely lacking in the later stages of life.
As you can imagine, this premature disappearance of funds often comes as a shock to individuals who have saved most of their adult life to ensure they would not be a burden on their family when retirement came.
Yet the sad reality is that family members often have to step in when it appears elderly parents can no longer support themselves.
The most important thing is to not let this take you by surprise. As this video suggests, families should plan ahead and get a mutual understanding about what would transpire if mom or dad suddenly needed financial help.
This will ultimately help to avoid last minute scrambling, tension and financial catastrophe if important medical or long-term care expenses are in jeopardy of going unpaid.
You can watch the video here and be sure to come back to my blog to let me know what you thought!
Of course if you need further assistance in preparing for your parent’s financial future such as advanced asset protection planning, Medi-Cal planning or general estate planning, I invite you to give me, your neighborhood Newport Beach elder attorney, a call at (949) 260-1400. With the mention of this article, you can come in for one of my comprehensive Family Wealth Planning Sessions to discuss the needs of your aging parents. However, these sessions are limited to 10 per month so call today!