Reply to What is your plan to take care of elderly parents?

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[quote=Anonymous]

Yes he was, and the remarkable thing is that all are actually good at what they do...  Our parents do not realize that even to bring in care someone has got to be responsible to see how things go because by that time usually neither parent is up to doing it.  Again with us planning "a retirement for three," I can supply the information as I am used to researching, but thankfully reside well out of the area so will not have the pressure of their direct care details.  For those with young adults with a disability, it is hard enough to fathom what the future may hold even with two interested sisters.

I think what I would say to those who are responding on this board about their parents - think now also about what you can do for your children:

- Make it a priority to at least get a will and guardianship of all minor children in place.

- Once the first child reaches age 18, then set up any guardianship of younger children with relative+the child over 18 if that is one's choice.

- In any scenario always a good idea to have two levels of folks appointed because life happens to all and the original person(s) may not be able to do it.

- Consider disability and or LTC insurance at some point in terms of your financial future planning as I can't tell you just how many of our close friends and we are a bit over 60 have one or two parents alive between 90 and 103.  Our grandchildren have 3 living great-grandparents - crazy....

- Also important to get the Power of Attorney and Medical Health Care Directive in place, too.

- In my opinion except for maybe a 529 plan, it is not a great idea to have assets in any child's name given the aspect of disability planning with a 5-year look-back for Medicaid or for college financial packages.[/quote]

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