Before having the conversation about care giving plans there are 6 questions I ask before we talk about what plans to own to protect their cash flow, their commitments now and in the future, and how not to disrupt their estate.
a. What conversations have you had with your family about your
caregiving and end of life decisions?
www.the conversationproject.org or www.lavineltcins.com to begin the conversation
b. What health issues are common in your family history, i.e.
Dementia, Stroke, Heart attack, Frailty due to longevity?
c. Where do you want your caregiving to begin?
d. Who will be responsible for managing or being responsible
for your caregiving? i.e. spouse/partner; family, friends
service organizations, licensed caregivers?
e. Where will the funds come from to pay for your care and to
continue the lifestyle for you and your family? i.e. personal
assets, family, government, Medicaid, extended care benefits
(LTC)?
g. What type of lifestyle do you want to have when you are at
the age where long-term care is needed?" i.e. Travel, cultural or
sports activities, family gatherings, activities which are
accomplished if you have assistance?
f. What financial responsibilities will you bring into retirement?
When will you have the conversation with your family about your caregiving and your exit strategy?