Part Five of the 5 Things Adult Children of Aging Parents Need to Know Now — The Pre-Planning Options That Your Aging Parent Needed Yesterday
–This topic somewhat revisits the concept that “basic estate planning isn’t enough” but also addresses the specific types of advanced planning that can make a difference in protecting assets and the ones you love.
The real point of pre-planning is to MAXIMIZE options and gain the maximum control of yourself, your family, and your life. When people wait until a crisis, the result is that there are fewer options; therefore, less control!
Part 1: Episode 15: The Cost of Long Term Care is Rising (And Why It Matters to You)
–Audrey gives some facts and figures about how many people this affects, and how expensive it really is. You may be shocked to learn these details! We also put this into a practical perspective for adult children, so you can see how it relates to you and your parents.
Part 2 (Episode 16): Basic Estate Planning Isn’t Enough (Wills, Revocable Living Trusts, and Your Garden-Variety Powers of Attorney Just Aren’t Going to Cut It)
–Audrey and I discuss the fact that people THINK they’ve “gotten it all taken care of” – this episode explores the reasons why this is a dangerous assumption, and some of the things you should do about it.
Part 3 (Episode 17): Options for Long Term Care
What is long term care? How do we plan for our parents’ needs as they age – what are our options? In this episode, Audrey and I discuss the many different types of long term care and how to access them.
Part 4 (Episode 18): The Legal Responsibilities An Adult Child May Be Asked To Take On For An Aging Parent (Understand What You Are Getting Into!)
In this episode, Audrey Ehrhardt of ElderCounsel and I talk about the different types of scenarios that make legal decision making necessary for an adult child; how having proper documents affects this; why you may, as an adult child, need advice not only for your parent’s sake, but also for your own.