How do I financially prepare for my own care when I need it?
My father is in the late stages of Alzheimer's and I am now showing symptons.I have seen the struggles my mother deals with finically and due to the finical struggles she has had to place my father in facalities where he receives poor care. I do not want to burden my family with anymore that necessary .I'm wanting to prepare fincialy for this and I do not know where to start or how to prepare. Any assistance would be greatly appreciated.
Expert Answer
As you experienced, the financial side of planning and paying for long term care can be arduous. In addition to managing the physical and emotion struggles, financial challenges add to the stress. Now is a good time for you to get in touch with an Eldercare Financial Planner. You need to develop short and long term plans. Some of the issues you will address include: - Appoint a durable power of attorney and prepare an advanced healthcare directive. - Review your will and determine if creating a trust provides advantages. - Explore long term care insurance (this may not be feasible depending on your health) - Position and title your assets in the most advantageous way (possibly consolidate assets) - Prepay a funeral and other final expenses The specific steps in your plan depend on your personal situation and your wishes for future care. An experienced and knowledgable professional can advise you how to best prepare for the expenses yoy will encounter on the road ahead.