015 The 5 Things Adult Children Of Aging Parents Need To Know NOW (Part 1)


Manage episode 154998901 series 1142608
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In this five part series, Nicole and Audrey Ehrhardt, the Office Management Director of the national elder law organization ElderCounsel, discuss the FIVE THINGS adult children of aging parents need to know...now. Planning for the future is essential, especially today with longevity increasing, modern medicine playing a significant role in our living with disability, and longer times of living in retirement. Understanding how these issues play into our parent's lives will enable us to make better decisions later, with less stress. Part 1 (Episode 15): The Cost of Long Term Care is Rising (And Why It Matters to You) --Audrey gives some facts and figures about how many people this affects, and how expensive it really is. You may be shocked to learn these details! Nicole and Audrey also put this into a practical perspective for adult children, so they can see how it relates to them and their parents. Part 2 (Episode 16): Basic Estate Planning Isn't Enough (Wills, Revocable Living Trusts, and Your Garden-Variety Powers of Attorney Just Aren't Going to Cut It) --Audrey and Nicole discuss the fact that people THINK they've "gotten it all taken care of" - this episode explores the reasons why this is a dangerous assumption, and some of the things you should do about it. Part 3 (Episode 17): Options for Long Term Care (Knowing Now Can Make All The Difference) --Here, we discuss the many different types of long term care and how to access them. Point being, it is MUCH better to know in advance, and not when your loved one has a healthcare crisis! Part Four (Episode 18): The Legal Responsibilities An Adult Child May Be Asked To Take On For An Aging Parent (Understand What You Are Getting Into!) --Audrey and I talk about the different types of scenarios that make legal decision making necessary for an adult child; how having proper documents affects this; why you may, as an adult child, need advice not only for your parent's sake, but also for your own. Part Five: The Pre-Planning Options That Your Aging Parent Needed Yesterday --This topic somewhat revisits the concept that "basic estate planning isn't enough" but also addresses the specific types of advanced planning that can make a difference in protecting assets and the ones you love. To read the show notes from this episode, visit www.SmartPlanning101.com/15

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