Some families are very open and honest about finances while others are “funny about money.” They can even be reticent or refuse to discuss their finances with their adult children.
Money itself isn’t funny, but people’s attitudes towards it often are. In home care, we see it all…from those who need minimal care but request live-in assistance because they can afford it and are worth it…to those who need constant supervision and assistance with the activities of daily living, have the resources, yet refuse to spend money on themselves.
Obviously money is a very sensitive subject that affects people’s decisions about fiscal planning. Money is a hot-button issue – especially for older people – because it symbolizes their life’s work, financial independence, and the threat of losing their role as head of the household. When an adult child becomes involved with an aging parent regarding financial planning, attitudes can diverge.
If there is an opportunity for early planning and a frank, forthright conversation among all parties, then there are ways to achieve financial independence for health care needs in later years AND leave a legacy for one’s family.
At Freedom Home Healthcare, we provide complimentary social work services to help families develop a plan that involves safety for the client, fiscal responsibility, and as much independence and control for the older adult as possible.
If assets are available, there are multiple options. To learn more about potential asset protection plans, you may read this article in its entirety at the Goldberg Law Group’s blog.
–Candy Blau, MA