Long Term Care is a subject that’s top of mind for many people today. People often consider this type of planning when it comes to their own futures, but there may be another reason to consider Long Term Care planning: your family.
The past has shown us that parents who don’t plan adequately for their Long Term Care needs may ultimately sacrifice their incomes, assets, and financial promises made – perhaps irrevocably – in order to pay for their care later in life. Something that perhaps isn’t taken into account by parents is the potential physical, emotional, and financial damage that can happen to family members who become personally responsible for their Long Term Care plan.
Eventually, you may need the services provided by Long Term Care. Prior experience has demonstrated if you have a family, but don’t have a Long Term Care plan in place when this occurs, your children and family are tasked with becoming your Long Term Care plan.
After all, what choice have you given them?
There are a myriad of factors to consider when family gets involved in their parent’s Long Term Care plan, including time-management, geography, and funding. Think about how pressed for time your children already are between balancing families, careers, and childrens’ activities. Ponder also the caregiving challenges geographically speaking that may arise if you don’t all live in the same city.
One of the most difficult issues that arises from family handling Long Term Care is funding. This places an extreme financial burden on most families that can easily be prevented by forward thinking. Also keep in mind the opportunity costs your family could experience in their career, children, hobbies, and other social interactions because a majority of their time is now dedicated to planning and executing your Long Term Care.
Multiple polls have even shown most children don’t want to take care of their parents, but when faced with these circumstances, they almost always do care for their parents even if their relationship isn’t strong. Long Term Care, and the challenges associated with it, can often require more and more family members to become involved over time. The collateral damage associated with personal involvement in a family member’s Long Term Care plan may often include irreversible damage to relationships between these caregivers, and even resentment toward the person receiving care.
However, there are ways to eliminate this potential burden from your family later in life and it all starts by creating your very own Long Term Care plan. By simply taking the time now to think about what may come in the future, you can easily protect your own income and assets. You can also protect your family from all the potential hardships mentioned above.
Let Us Help You with Long Term Care Planning
To take the first steps in preparing for the future for both you and your family, reach out to us to learn how we can help you every step of the way during your Long Term Care planning process.