Elder Care Planning
You may be wondering, "Why is a financial advisor educating families about caregiving challenges?" I do this as a service to my clients and my community because I've seen many families struggle with these issues.
Families spanning generations often reach certain stages of equilibrium and happiness which can go on and last for quite some time, and then something happens, usually to the oldest generation. A caregiving crisis hits and few families know what to do. Stress increases as family harmony and happiness dissipate.
Many of my clients are part of the classic "sandwich generation." They're putting their kids through college, they're trying to save for retirement, and now they suddenly face new pressures and challenges taking care of one or more elderly parents.
So I'm doing this because I've seen families devastated by the consequences of unplanned caregiving for elderly family members. Those consequences hit people on all levels – personal, professional, emotional. Sometimes families get torn apart when a caregiving challenge becomes a crisis. When this happens, it makes my job harder. When there is no planning and a crisis hits, it can have a big impact on people's financial plan across multiple generations, impacting grandchildren, adult children, and of course our oldest loved ones.
When it comes to caring for an aging loved one, most families don't have a plan until there is a problem. The lack of planning doesn't have to mean there is a lack of commitment. It's never too late to begin the discussion.
