If you’ve recently retired or plan to retire soon, you probably have a wish list of what you want to do. But one thing you definitely don’t want is to become a financial burden to your grown children. How can you avoid this?
For one thing, you may want to consider purchasing some type of long-term care protection, so you don’t expose your family to the enormous costs of a nursing home stay.
And you’ll want to start talking to your loved ones about their possible roles if you should ever need caregiving. Additionally, you may want to work with a legal professional to create a durable power of attorney for health care and a durable power of attorney for finances.
You may also want to consult with a financial advisor, who can suggest ways of preparing for the costs involved with caregiving and who can direct you to relevant resources, such as local social services.
Don’t wait too long to begin planning for caregiving – you and your loved ones will feel more secure when you have your arrangements in place.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor, Casey Caliva, at Historical 30th & Fern.
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.
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