Paying For Senior Care with the Inheritance

As an elderly financial planner, one of the challenges I often face is the downward spending of the inheritance to pay for the high cost of eldercare. Far too often, when the health and care needs of an older person need major challenging financial adjustments to be made, the sense of financial legacy and obligation of adult children misdirects their choices and behaviors, adversely affecting their elderly parent’s quality of care. Superior Home Health Care Services of Atlanta, McDonough¬†offers excellent info on this.

The inheritance they have saved to give to their children is seen by many elderly people as their last legacy, a way to ensure the financial security of their children and sometimes even their grandchildren. Many of these elderly adults interpret the inheritance they intend to leave as a last purposeful action.

Then the heirs are there. Many who are mindful of this potential and ultimate gift of love appear to ride the cognitive continuum from a sense of privilege to concern for the well-being of their parents. Sadly, for some of these adult kids, the possibility of losing a large inheritance clouds the decision-making process.

Many variables-financial resources, family expectations and relationships, healthcare requirements and time-can affect the key financial choices around a loved one’s senior care arrangements. Sometimes to promote the treatment of the older parent, a significant liquidation of assets-even a combination of home and savings-may be needed. This is when adult children must come to grips with their desires and some must cope with the loss of what they thought to be already theirs. Assets that have been promised to adult children and assets that adult children have agreed to inherit are not theirs unless there is a legal agreement in effect.

Before relating to their children and/or future descendants, I try to sit down with my elderly clients. My clients need to know that I serve their interests, and they need to feel entitled to assert what is rightly theirs. I remind the heirs, when necessary, that the money they view as their inheritance is not yet theirs. As harsh as those words can sound, in some cases, they need to be spoken. In order to analyze the entire picture and put every sense of privilege into perspective, it also requires an accomplished financial professional.

The cost of senior care today is very expensive, and it’s only getting pricier. You’re likely to be faced with challenging financial problems that require decisions, such as: are we selling the house? What properties can we first liquidate? How long is my mom going to require care and how expensive is it going to be? Unfortunately, many adult children as well as older parents tend to weigh the financial factors first, possibly because of the high cost of long-term care. The primary concern should always be the well-being of the older person.

CONTACT INFO :

Superior Home Health Care Services of Atlanta
155 Westridge Pkwy STE 111, McDonough, Georgia 30253
Phone Number : 678-325-2727