Tuesday, August 30, 2011

3 tips to talk to your parents about long-term care

1 - Explain that Elder Law attorneys are not “regular” lawyers

Elder Law attorneys have deliberately selected a career in a specialized area of law to serve elders.  Moreover,  the client of an Elder Law attorney is the elder.  Not the children.  An inheritance is nice – and usually a much larger inheritance is a by-product of the plan devised by an excellent Elder Law attorney – but the inheritance is not the focus of ethical planning.  The client’s quality and dignity of life should always remain priority #1

2 - Gather information in a zero pressure environment.
An easy way to spend time with your a parent, while at the same time, gathering information, is to look for a free seminar in your area.  Look in local publications for living trust" or "estate planning" seminars.  Alternatively, you may want to look for a Living Trust Plus™ licensed attorney in your area.  Don’t be afraid to research, communicate, and explain important statistics to your parents.

Did you know that if you are over age 65: you have a 7.2% chance of having an auto accident every year; a 6.15% chance of needing to file a homeowner’s insurance claim; and a 70% chance of needing long-term care?  Over half of those who need long-term care will require a nursing home.

3 - Explain matters using real, truthful data
13% of drivers are uninsured;
of homeowners are uninsured;
of senior citizens are uninsured and unprotected against long term care needs.

Why is it important to plan for long term care?  Primarily because the expenses of long term care are catastrophic and can wipe out a nest-egg in less than a year. 

50% of couples and 70% of singles are impoverished (broke) after one year of entering a nursing home!

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