How to protect your retirement when your senior parent needs financial help
“Out of love and concern, we often try to step up to help our family members, but we have to understand some of the trade-offs … ”
Kamilah Williams-Kemp addresses this issue in the article and hits upon a very important point. We love our parents and want to do what is best for them but we all to often hurt ourselves in the process as many don’t know the impacts and options that are out there.
“A growing number of seniors are finding themselves needing financial help. A study released this month by the Consumer Bankruptcy Project found that bankruptcy filings among people 65 and older have tripled since 1991. Sometimes medical costs are to blame; in other cases, seniors find that they have not saved enough for retirement. Like Holmes, many adult children step in to provide their parents with financial relief. … If you’re planning to offer financial help to mom and dad, here’s how to balance it with taking care of your own needs:”
Emotionally a parent needing long term care is a harsh mistress. Financially there are options. One of which is realizing the impact this is having on you and taking steps to ensure the financial impact doesn’t occur for your children as well.
As for your parents there are solutions such as Guaranteed Issue LTC, Medicaid Compliant Annuities (MCA), and Life Settlements. These tools can help protect the client and maximizing the estate.
Our Senior Asset ExChange program was designed for just this and is even designed to work directly with Assisted Living Facilities & Nursing Facilities, and Estate Planning Attorneys.