For better or worse, many seniors rely on adult children and other family members to provide long-term care. In this article, I want to discuss the financial requirements and considerations of receiving care from family members. Why do people choose to receive care from their children – a lack of savings, preference for family members over paid caregivers, etc.? What are the usual costs – room and board, paying children who have to leave their jobs, home renovations – what else? What funding vehicles and strategies are best for funding these expenses? Overall, how can financial advisors help their clients plan to receive care from family members? Requirements: I’d like to speak with financial advisors who work with retirees and have specifically helped people plan for the costs of receiving care from family members.
Family Caregiving – Tips for / from financial advisors