“Thank you for sending me the filial support article attorney Keith Strohl wrote. It was very informative and also very unsettling.
My parents are just turning 60 and they’re both in great health. They own their home free and clear, have no debts, but very little in savings. They expect they will live comfortably on their two social security checks.
They would be wiped out if either of them went into a home. Now I know my brothers and I would be hit hard as well. They gave everything to me and my two brothers including great educations. We are all doing very well and we want to help them now.
Where do we start?”
You might very well want to start with a family meeting.
Bring your parents and your brothers together to discuss what mom and dad expect will happen should one or both of them need care. Hopefully, this is something they’ve discussed and have a plan in place. Based on your question, this is not likely. If that is the case, you and your brothers will need to assist them in crafting a plan that best fits.
One idea you will likely want to explore is Long Term Care Insurance (LTCi). You and your brothers may find that LTCi is the least expensive and most reliable way to shift some/all of the potential costs of your parent’s care.
Another idea to explore is the use of a Reverse Mortgage (RM) to utilize the equity they have in their home to provide funds to either LTCi premiums or for actual care provided to your parents.
Of course, a combination of these ideas or other plans may be most appropriate. They only way to find out is to bring the family together and explore. Be sure to enlist the help of a trusted advisor to guide you to the answers you’re looking for.
If you have questions or comments, please send them to Gene@AskMtM.com