When children grow into adults, they may eventually have to talk to their parents about long-term care options. Having this conversation can help to broach topics such as whether an aging parent is going to remain in their own home. Looking into long-term care options could also reduce the odds that a senior will have to sell their home to pay for medical expenses.
To determine whether an elderly parent can remain in their own home, one should honestly consider if the property will meet their needs. This may include deciding if it would be more feasible to live on a single floor. Other questions to ask include whether it would be possible to access a bathroom or kitchen without help or with the assistance of only a walker. If not, it might be a good idea to think about selling the home.
Even if a person can still afford and safely use their home today, considering how to deal with property is important from an estate planning perspective. Families can decide today what should happen if the home needs to be sold later. Proper planning will also make it easier to deal with the potential tax implications of selling a home or any other property later in life.
Addressing long-term care planning needs may seem difficult. However, it is important to have access to necessary medical care without placing a financial burden on other family members. An individual who is going through the planning process could talk to an attorney or financial adviser to learn more about insurance policies or other tools that will help create a long-term health care plan.