Long-term care planning isn’t the easiest topic of conversation and few of us want to consider the consequences of aging. Having this difficult conversation in the present is better than trying to scramble for help during a crisis. Discussing a care plan with your parents can help give your family the peace of mind that comes with knowing help will be there if it’s needed in the future. It will provide you more time to celebrate each passing year together, knowing you have a plan in place. It can also save you from a costly and emotionally stressful experience if something unexpected were to occur.
Keep It Simple (& Casual)
If you’re a parent yourself, it isn’t easy to imagine your children telling you what to do. Your parents likely feel the same way. Making demands on your parents is an effective way to shut down a discussion before it’s even begun. Keep the conversation casual and gradually steer the topic toward long-term care planning. One way to do so is to ask your parents about their retirement plans. This can open the door to talking about the cost of living. You can mention that the cost of long-term care is expensive. Many people have seen their nest egg dwindle to nothing within a year, or less.
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Provide Planning Options
Some aging adults think Medicaid will be there to help provide them with assistance in their time of need. However, Medicaid eligibility is based on income, and the income restrictions are steep. This is why you often hear of people having to “spend down” to qualify for Medicaid. This may be one option for some.
Your parents may also wish to place their assets into a trust. Done properly and far enough in advance, a trust will enable them to retain their assets while still qualifying for valuable assistance provided through Medicaid. You might be able to broach this topic by asking your parents about their estate plan. You might want to mention that they should consider reviewing their estate plan and making updates to help reflect their current stage in life. Updates to an estate plan is a very simple and quick process for attorneys that can save potential future strife.
Avoid Demands
Long-term care planning can be a sensitive topic. You may not be able to get everything resolved within a short conversation. If your parents are uncomfortable or indicate that they don’t want to discuss things at this time, let it go. When you decide to approach the topic, always frame it as doing what’s best for your parents rather than making demands. Continuing to broach the issue can make it seem more normal over time. Eventually, your parents will realize the importance of long-term care planning.
Suggest Planning With A Professional
Elder Law Attorneys are the most knowledgable professionals of all things long-term care planning, aging resources, healthcare, finances, and legal needs for aging adults. Working with a Certified Elder Law Attorney is highly recommended for the most up-to-date information and advice. They will put the clients first and provide the most valuable information in a short amount of time. The sooner your parents and meet with an attorney to put together a plan for their legacy, the more peace of mind they will have about their retirement.
Jake Mason, Owner of Mason & Associates, is Certified as an Elder Law Attorney (CELA) by the National Elder Law Foundation, to work with you step by step to provide peace of mind, respect family dynamics and personal values, and visit you wherever you call home, if needed. Mason is also board-certified in Elder Law and Estate Planning. He is dedicated to providing education on all matters related to your area of need. Our team is available to walk beside you and your loved ones through the entire process, while guiding you through the complex system with ease.
About the Company:
Mason & Associates Law Firm, formerly known as Heritage Law Group, PLLC, is a boutique Estate Planning and Elder Law firm assisting residents in Tennessee and Kentucky, with offices in Gallatin and Nashville, Tennessee. We are dedicated to providing client-centered, professional legal services that are individualized through one-on-one consultations. We delight in empowering our clients and community through education and providing specialized resources. Our integrity-driven team will help you protect your legacy while delivering outstanding quality at a reasonable cost. Your Legacy Is Our Priority™
Jake Mason, J.D., LL.M. (Elder Law & Estate Planning), CELA, EPLS, is the Owner of Mason & Associates Law Firm in Gallatin, Tennessee. He is Certified as an Elder Law Attorney with the National Elder Law Foundation, is board-certified in Estate Planning and Probate by The Estate Law Specialist Board, Inc., of the National Association of Estate Planners & Councils, is accredited by the United States Department of Veterans Affairs, and is licensed in Kentucky and Tennessee. Mason is the only attorney in Tennessee or Kentucky with Board-Certifications in both Elder Law & Estate Planning. Contact us to schedule a consultation via phone, in-office, or video conference at info@planyourlegacy.com or Gallatin (615) 989-7054 | Nashville (615) 619-2791.
This is general educational information and not intended to provide legal advice.
Long-term care planning may be a challenging topic, but discussing it now can ensure your family’s peace of mind for the future. Having a solid plan allows you to focus on celebrating each year together without added stress. If you need assistance managing your responsibilities during this process, consider Take my online accounting class for me to lighten your load.