One of the hardest conversations parents and children can have is around the parents planning for long term care. Unfortunately, there are also some roadblocks to the conversation happening at all. This video is for the parents, and it attempts to address these issues and reassure them that having the conversation with a professional doesn’t mean giving up independence.
The four roadblocks are:
* Parents don’t want to talk about their money with the kids.
* Parents don’t want the family dynamic to change.
* The kids are strong-willed, and the parents don’t want to see the kids fight.
* The parents don’t want to give up control just yet.
The reality is planning for long term care means giving up control over some assets, but most of the time the parents keep a lot of control, independence, and freedom over their daily lives. The other thing is the children don’t have to be the ones in charge of protected assets.
In short, finding the right professional for the parents to talk to can overcome some of these roadblocks and begin the discussion… if the kids can stay out of it for a bit.
Various clips utilized under Fair Use rules for this educational video. I like these movies, and if you do, too, then please go buy them!
* Lost Boys
* Harry Potter and the Sorceror’s Stone
* From the Hip
Free Educational Programs:
Medicaid Planning for Seniors https://careassistancecenter.com/free
The Veteran’s Pension Benefit https://thevapension.com/#cta
Estate Planning Basics https://raleightrusts.com/
General Law Firm Website at http://livingtrustlawfirm.com/