A recent publication by Elder Law Attorney Evan Farr (VA, DC, MD) quoted some startling statistics:
We recently interviewed Mr. Farr on our YouTube video series, Swim with Jim, where he told us about adult children who love their parents and want the best for them, coming to see him for advice and counsel.
These elderly parents may not have planned and in fact, in many cases, don’t have much of an estate plan, if any.
What can worried adult children of elderly parents do?
1. Seek legal advice from a certified elder law attorney as soon as possible.
2. Determine whether long-term care insurance, life insurance with a long-term care rider, or an annuity with long-term care provisions, is appropriate and cost effective.
3. Discuss with family members the resources including care giving, residence, monies, and local government services. The local area agency on aging, usually at the county level, has a wealth of resources that might be available.
4. Ask your financial adviser for help with evaluating products that involve funding these potential solutions.
Please don’t wait until a crisis is being experienced. Plan for loved ones, especially parents. It’s February, the month of love.