Are You Prepared to Pay for Your Parents Long-Term Care Expenses?
You may not be aware of what a filial responsibility law is or how this can impact either yourself or your children. A little over half of the states have these laws. In the past, filial laws have not been enforced, however, in a recent case, an adult child was found responsible for his mother’s long-term care bill from a nursing facility to the tune of $93,000. If you or your parents live in a state with these laws, you may be held financially liable for taking care of these expenses in the future. Many times, long-term care planning is often dismissed and brought to light when unfortunately it is too late. These laws may not only impact you with the potential financial responsibility you may have with your parents, but may also have an impact on your children.
We believe the 5 core areas to an effective retirement plan include:
- Income plan
- Investment plan
- Tax plan
- Healthcare plan
- Estate plan
As you can see, having a healthcare plan is part of an effective retirement plan and this may be a reminder that long-term care planning be made a higher priority. My recommendation is to have a conversation with your family and discuss what long-term care planning will look like for your specific situation. If you have questions or would like to go through our complimentary Complete Planning Review process, to review and plan for these 5 core areas, you are welcome to give our office a call (755) 853-9033.