Talking about money among family members is often considered taboo. Many believe it to be an uncomfortable topic. Studies show that families who are not discussing finances could make severe financial mistakes when planning for long-term care. In Texas and other states, experts agree that talking finances while everyone is still healthy can help avoid problems down the road.
About 40 million adults in the U.S. will act as caregivers in their lifetime. Some under the age of 64 will have sacrificed careers to provide long-term care to loved ones. It is reported that 70 percent of Americans age 65 and older may need long-term care, and a portion of that burden may fall on adult children. It is essential that family members have conversations early to plan how long-term care will be covered.
Discussions about long-term care are important if parents expect help to cover costs of nursing homes or home health aides. Working out an arrangement that best suits everyone in advance can help ease the financial burden when the time comes. With open communication about money now, there will be less disagreement and regret among family members later.
Bringing money matters into the conversation may open doors to better money management for both parents and children. By taking steps to examine budgets and change spending habits to include long-term care, one can relieve a lot of stress and conflict later on. In Texas, those with questions about planning for long-term care may benefit from consulting with an attorney. A lawyer who is well skilled in elder law can help devise a plan to make one’s golden years peaceful.
Source: fool.com, “Why Aren’t More Families Talking Money? — The Motley Fool“, Maurie Backman, Feb. 9, 2018