How many of us have cared for a loved one near the end of his or her life?
Everyone needs a long-term-care plan. Consider this: If you haven't created a formal plan and communicated it to your potential caregivers, your plan may amount to a Google search by your loved-ones for "stay at home nurse" or something similar.
Last week, Stacey Frank led a discussion with many of our clients and friends about the plans that we have in place--whether we've thought them through or not.
We don't talk enough about the consequences of our health as we age. We may consider the financial consequences of needing care, more than others. Perhaps we can offset our financial risk by purchasing a long-term care product. But we have no product to solve for the relational consequences. Nor the emotional.
How we answer these five questions will, to a great extent, determine how we are remembered.
- Who might be my caregiver?
- Where do I want to receive care?
- How can I finance and coordinate my care?
- What type and amount of care could I need?
- When is it likely to happen?
The end our life determines, to a great extent, our legacy. We don't want to disrupt the lives of our spouse, or our kids. We don't want them to stop their lives or quit their jobs to care for us.
Think about the impact of Alzheimer's disease, for example. Seven in ten people with Alzheimer's and other dementias live at home, and 80 percent of this care is provided by unpaid caregivers, most often family members (1). I wish for all of you something much better than that.
We don't put a plan in place for ourselves. We make a long-term care plan for the loved ones who will outlive us.
Ask these five questions in a conversation with your wealth manager. If your friends mention similar concerns, think about how you might be able to help them with an introduction to the experts at AIFS.
1. 2013 Alzheimer's Disease Facts and Figures