episode

# 15 The 5 Things Adult Children Of Aging Parents Need To Know NOW (Part 1)

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Smart Planning 101
Episode #15 The 5 Things Adult Children Of Aging Parents Need To Know NOW (Part 1)
22:45
 

In this week's episode:

In this five-part series, I (Nicole) interview Audrey Ehrhardt, the Office Management Director of the national elder law organization ElderCounsel, and we discuss the FIVE THINGS adult children of aging parents need to know…now.

Planning for the future is essential, especially today with longevity increasing, modern medicine playing a significant role in our living with disability, and longer times of living in retirement.

Understanding how these issues play into our parent’s lives will enable us to make better decisions later, with less stress.

**Reminder** The contents of this podcast do not constitute legal advice; this information is for general purposes only. If you need advice specific to your situation, consult with an elder law attorney that practices in your state.

 

Part 1: The Cost Of Long Term Care Is Rising (And Why It Matters To You)

  • 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.

I also discuss the frequently discussed statement, “I’m never going to a nursing home – so don’t even discuss it with me,” and why we can’t let that statement hinder reality; Audrey illustrates how a long term care insurance policy may not give you the relief you believe it will; and more.

  • 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.  Click here to listen to Episode 16

  • Part 3 (Episode 17): Options for Long Term Care (Knowing Now Can Make All The Difference)

Here, we discuss the many different types of long-term care and how to access them. The point being, it is MUCH better to know in advance, and not when your loved one has a healthcare crisis!  Click here to listen to Episode 17

  • Part Four (Episode 18): The Legal Responsibilities An Adult Child May Be Asked To Take On For An Aging Parent (Understand What You Are Getting Into!)

Audrey 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.  Click here to listen to Episode 18

  • Part Five: (Episode 19) 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. Click here to listen to Episode 19

 

About Audrey Ehrhardt

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Audrey joined ElderCounsel in 2013 and serves as Director of the Office Management Division.  Prior to joining ElderCounsel, Audrey was a practicing elder law attorney in Florida and the owner of The Ehrhardt Elder Law Offices, P.A. Audrey’s practice focused on estate planning, probate and trust administration, wealth preservation for high net worth families, and asset protection strategies for seniors in need of long-term care options with eligibility for Medicaid and Veteran Affairs programs.

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One of Audrey’s goals practice goals was to create a dedicated environment where elders and their loved ones knew a team supported them when making important legal planning decisions. During her career, she developed many successful office management procedures focused on both administrative efficiency and the cultivation of referral-based law practice.

Audrey received her Bachelor of Arts from Florida State University in 2001 with a major in both Classical Archaeology and History. She received her Juris Doctor from the Florida State University College of Law where she was a member of the mock trial team and was admitted to the Florida Bar in 2004. While practicing law, Audrey simultaneously owned a custom cake bakery.  In 2012, she moved to Tallahassee with her husband, son, and three dogs.

About the show

Planning isn’t just about getting your will done or going to see your financial planner once a year. SMART planning involves an educated process that incorporates the latest in legal, financial, and healthcare strategies to work toward the most desirable result – the quality of life, throughout your entire life.

The biggest problem, too often, is that “traditional” notions of what is right to do in both legal and financial estate planning don’t always work in today’s world.

I created SmartPlanning101 to help all of us learn how to be better planners for the future – and stay in control. To learn how and when we need to challenge the “status quo” and “conventional wisdom.” To be in a nutshell- “smart planners.”

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Click Here to Learn More About Nicole Wipp