When I first set out to write this article, I envisioned a straightforward list titled, “Ten Important Things to Know About Long-Term Care Planning.” But by the time I reached the fourth point, I realized it lacked the warmth and depth necessary to convey the true importance of the topic. That’s when inspiration struck: The best way to highlight the significance of long-term care planning — along with its financial and emotional ramifications — is through storytelling.
Let Me Share a Story with You
Meet Travis and Danielle, a couple in their mid-fifties with three children: a daughter in college who’s planning to marry in a year, and two sons still in high school. They enjoy a close relationship with Travis’s parents, who are in decent health, while Danielle’s widowed mother, facing health complications for the past decade, lives a bit farther away.
As the couple enters a phase of higher earnings, they anticipate the relief of having all three kids off their payroll. It’s a time when many couples reassess their financial strategies to fill any gaps in their plans. But life can be unpredictable. A devastating flood strikes their area, prompting Danielle’s mother to move in with them while her home undergoes repairs. What they didn’t foresee was that this would become a permanent arrangement.
Within a few months, Danielle’s mother began exhibiting cognitive and mobility issues. Concerned, Danielle took her to a neurologist, who diagnosed her with Lewy Body Dementia — a complex condition that impacts movement, thinking, behavior, and mood. The symptoms can include mood swings, episodes of anger, and even hallucinations, leading to a myriad of challenges for caregivers.
Over the next five years, Danielle shouldered the responsibilities of caring for her mother. She managed doctor appointments, cooked daily meals, ensured her mother took her medications, made financial decisions on her behalf, and bore much of the cost associated with having another adult in the home. All while working full-time, a job she needed to keep to provide health insurance for the entire family. The weight of these responsibilities took a significant toll on both Danielle and Travis — emotionally and financially.
The strain intensified, leading to conflicts between mother and daughter. On one occasion, Danielle’s mother even hid her medications, convinced that her daughter was trying to poison her for her money, despite having little to her name.
Sadly, Danielle and Travis are not alone in this experience. As a financial professional, I frequently encounter families facing similar, if not more challenging, situations. This reality underscores the critical need for proactive long-term care planning.
Talk to Your Financial Advisor Today
I urge you to discuss your long-term care strategy with your financial advisor. If you don’t have one, please reach out to our office. We can help you develop a plan tailored to your unique circumstances. Don’t wait for a long-term care crisis to seek assistance. Just as with retirement planning, time is your ally. The earlier you create a long-term care plan, the better prepared you will be should the unexpected happen.
The individuals and situations depicted here are hypothetical only, and do not represent actual people, any similarities to actual people and situations is purely coincidental. The scenario is for illustrative purposes only.