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By McCreight King, CLU®, CFP®

As the population continues to age, we frequently have conversations where we learn that folks have experienced situations where they have provided care or financial assistance for an aging parent. Thankfully, in many of these situations they were prepared for the eventuality of these situations, both emotionally and financially. Plans were in place to make sure their loved one would be cared for in the manner that they wished, to allow them to maintain their autonomy and dignity.

Long-Term care planning is a crucial aspect of financial and healthcare planning that sometimes can be overlooked until a family is faced with the need for such services. Adult children being forced to make quick decisions around how to take care of Mom or Dad is likely to create stress between family members who may have differing opinions on what they think is best. With changing family dynamics over the last several decades, families are generally both smaller and live farther away from one another, which complicates the issue further. There is also the unfortunate reality that this type of care can be very expensive and range wildly depending on the type of care someone needs and where they will receive that care.

Albeit not easy, nor fun, fostering open conversations around this topic sets the family up for the most flexibility if a need for long-term care becomes a reality later in life. By addressing these needs early, various options can be explored such as insurance to hedge against the risk, designating current savings, or planning for a family member to provide care at home. Investing time and effort into long-term care planning not only ensures financial stability but also promotes emotional well-being and quality of life for individuals and families as they navigate the complexities of aging and healthcare.

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