So often, we find that many families have yet to discuss how the needs of an aging parent will be met when the time comes to consider assisted living. We also find that there is no plan in place if an event occurs that forces the decision. Some steps to take before you need to include:
- Have a discussion with your family regarding their affairs. Where can you find the financial assets including legal documents, investment and savings accounts that can be used to provide care?
- Speak with a local Geriatric Care Manager or some of the organizations that provide objective guidance such as A Place For Mom, Caring.com or Senioradvisor.com. Although most of these organizations operate under a referral fee based model, they are a wealth of knowledge in helping your family explore options.
- Talk to your financial advisor and legal team to determine best strategies and what is available for care. Elder Care Attorney’s will know how to structure trusts, etc. should it be needed as your parents care needs change. Financial Advisors can help with projecting care costs based based on your parents investments.
- Be sure to inquire about other funding sources they may qualify for such as the VA Aid and Attendance programs.
- Set the budget and visit communities that fit it.