Great point about the potential for long term care...but this isn’t always a consideration. If your family is fairly functional, there are myriad ways to care for an elder that do not require an institution. I just hate to hear of it spoken of as an inevitability....it’s not.

So this is another opportunity to talk with her before it becomes a necessity: would she prefer to stay in her own home (assuming she owns it), to live with a family member, to live in a supported assisted living apartment, or to have a family member move in with her? Since you’re talking about money, it is a natural thing to bring up. You should listen to her, and help her communicate her wishes to her children. Also discuss a durable power of attorney—who does she want making decisions on her behalf? Convos now about this stuff may ease her mind and make he next decade of transition easier for the whole family.

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Posted by Jag_Warrior

Virginia

Member since May 2015

4184 posts

Posted on 6/29/18 at 2:08 pm to hungryone

quote:
Great point about the potential for long term care...but this isn’t always a consideration. If your family is fairly functional, there are myriad ways to care for an elder that do not require an institution. I just hate to hear of it spoken of as an inevitability....it’s not.

Not so much that it's an inevitability. But if it's even a possibility, it requires at least five years of advanced planning. If a family member *thinks* they can care for her, but realizes a couple of years in that it's more than they can deal with, it's too late to protect her savings or home. As the saying goes, everyone has a plan... until they get punched in the face.

Better to put something like that in place and not need it (she'd have a lifetime estate), than to need it and not have it, IMO.

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