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Your parents and planning for their future

On Behalf of | Oct 27, 2020 | Estate Planning | 0 comments

When a parent enters long-term care, it is a major step for most families. It might seem like everything is happening at once.

What you might not know is that many of the details of this process are relatively simple to plan for. It is a whirlwind without preparation, but a relatively smooth transition with guidelines in place.

Acting now

Right now, your parents might need immediate action. You need to understand how to afford nursing care, to protect your family’s assets, to preserve your parents’ legacy and to get your loved ones the care they deserve.

This is probably all attainable on a relatively expedient timeline. However, you might not have the support from your parents that you would like, especially if their conditions are severe.

Preparing for the future

Even with everything going on, this is probably an ideal time to start thinking about your own future. There are a few reasons it makes sense to plan for yourself and help your parents at the same time.

For one, you already have the immediate exposure to the relevant concepts, terms and processes. You are also in a unique position to understand the extent to which proper planning could help your own loved ones in the future.

Many people who are now entering long-term nursing care never had to deal with their parents doing the same. People are living longer, and nursing homes are more common than they used to be.

Your parents did not necessarily do anything wrong by omitting these plans — they might simply have not had the same experience that you are now going through. You have a unique opportunity to lay the groundwork for guardianship, asset protection and many other complex matters.