# 16 - Why Basic Estate Planning Isn't Enough (Part 2 - Adult Children, Aging Parents)
In this week's episode:
Audrey Ehrhardt from ElderCounsel and I discuss the fact that people THINK they’ve “gotten it all taken care of” – but we explore the reasons why this is a dangerous assumption and some of the things you should do about it.
- A Will Isn’t Enough (And Neither is A Revocable Living Trust)
- Your Financial Power of Attorney Needs Review
This topic is important because so many people (both children AND parents) have mistaken beliefs that things are “all taken care of” – and find out that they are NOT when there is much less that can be done about it.
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 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.
Part 5 (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.
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.”Learn More About the Show - Click Here