Question 7

7.  Have you discussed the possibility of long term care with your parents/children/family?

    We strongly believe in Multi-Generational Estate Planning. The cost of long term care may be too much for some elderly parents to bear. Long term care is a family affair. The emotional and financial repercussions and consequences of an elderly parent having to incur long term care can affect the quality of life for the whole familiy. Adult children (Baby Boomers) of elderly parents should consider having a family discussion to discuss all the financial options involved with a long term care stay at home or at a facility providing such care. For example, the cost of long term care insurance could be shared by the entire family easing the burden for the elderly parents and also possibly preserving their hard earned estate for the rest of the family. Their are many long term care strategies. The worst is doing nothing. That only invites financial disaster. Long term care is the catalyst that could reunite a family into action again in the 21st Century. Some strategies include long term care insurance. When persons can't afford or qualify for long term care insurance, then other legal and asset protection strategies should be explored  - working with a team of legal and financial professionals.

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