Long Term Care is a subject that is top of mind for many people in America today. While it may be something you are considering for yourself, another reason could be right in from of you: your family. History has shown us that parents that do not plan adequately for their long term care needs can ultimately end up sacrificing their income, assets, and financial promises that they have made – perhaps irrevocably in order to pay for their care. One thing that perhaps isn’t taken into account by parents is the potential physical, emotional, and financial damage that is done to your family members if they have to become personally involved in delivering your long term care plan. If you have family and you do not have a long term care plan and you need the services that are associated with long term care, what prior experience has demonstrated is that your children and family become your Long Term Care plan. After all, what choice will you have given them?
There are a myriad of issues to consider when a family gets involved in their parents long term care plan; among them are time management, geography, and funding. Think about how pressed for time your children already are with balancing their families, careers, and child activities. You must also ponder the challenge that could unfold from a care giving perspective, geographically speaking, if you do not all live in the same city. There are funding issues to consider, as well, because someone has to pay for the care. Further, multiple polls have taught us that most children typically do not want to take care of their parents. Most children, however, will still take responsibility for the care of their parents when faced with these dire circumstances even if the relationship between them is not stellar.
Long Term Care and the challenges associated with it often require more and more of family members’ involvement as time passes. The collateral damage that can be associated with being directly involved in a family member’s long term care plan can often involve irreversible damage to relationships between the caregivers, as well as profound resentment toward the folks receiving the care. Keep in mind, also, the opportunity costs that your family could be experiencing as it relates to their career, children, or place of religious practice because the time that is usually allocated to these things has now been allocated to you.
There are a variety of ways available to remove this potential burden form your family.
Talk to a CLTC graduate at the Dennis Taylor Agency now to become more educated and informed as to what your Long Term Care planning options may be.