Every week, I get calls from adult children or close friends that sound something like this:
“My Dad had a stroke. He is in the hospital. I don't know what to do.”
“My husband is in an assisted living. We cannot afford to pay for the care anymore. What do I do?
“My Mom is in assisted living. We need to sell her condo to pay for her care.”
“My husband has Parkinson's. It has become very difficult for me and I cannot take care of him anymore at home. I am exhausted! I am only 60 years old. How do I protect myself and pay for his long-term care?”
“My sister is in the hospital. I need to be her power of attorney.”
As you see, the calls are not because loved ones have passed away. Of course, I do get those calls as well, but most of the calls are about care and how do loved ones step in to assist with financial and legal decisions, as well as health care decisions. Without estate planning, your loved ones are having to go to court to get permission to step in to help you. Families can see life's savings quickly go out the window with the high cost of care. 70% of those 65 years old or older may need long-term care at some point during their life.”¹
Just yesterday I talked to a client who informed me that his Dad's monthly bill at a local facility was $12,000. Yes, think about that for a moment. Can you afford a $12,000 bill every month, along with paying the family's ordinary expenses (e.g., mortgage/rent, food, home insurance, car insurance, HOA/condo fees, gas, medication, taxes, etc.). If you have not thought about who will take care or your spouse or your children if you get ill or who will help you with taking care of your affairs if you cannot, it will cost more time, more stress and heartache than being proactive and writing down your wishes. Not to think that it will be more costly for you and your family if you do nothing.
We are here to help preserve what you have and plan for life's expected curvy and sharp turns that take all of us by surprise. Even me! We invite you to attend the free, no obligation workshop where you can learn about what you can do to protect you and your family. 239-529-8731
1 “The Basics,” longtermcare.acl.gov, February 2017