It is true that the cost of long-term care can seem overwhelming and each family circumstance has particular and unique needs. In order to find creative financial solutions, this blog series marries our experience in serving seniors with our knowledge of how to navigate paying for long-term care.
In our last post, we looked at Tax Deductions as the fifth option for paying for long-term care. This week, we’re considering how the Children of the Parents can be utilized as the sixth way to pay for long-term care.
What are Some Advantages to the Children of Parents Paying for Long-Term Care?
While the financial burden is more manageable with larger families that have several siblings that can each share the burden of costs, our experience finds that children of families of any size often attempt to pay for their parents’ care first and then look for other ways to pay for long-term care. One advantage to this route of long-term care payment is that it is simple and straightforward, and for those with the financial means, it can be a rewarding way to give back to parents in their golden years.
What are the Drawbacks to the Children of Parents Paying for Long-Term Care?
On the other hand, one drawback of the children of the parents attempting to pay for long-term care is an obvious one: this is often a costly option, one that at times unfairly burdens the resources of the children who may have other significant expenses such as college tuition for their own children. For smaller families, or for only children, one drawback is that this simply may not be an option at all, as the cost of long-term care can be so enormous. Another drawback to this option is that for larger families, some siblings may have the financial means to help pay, while other children may not, and this can cause rifts and tension within families. However, for families with the means to pay in this way, the children of the parents may be best positioned to help pay for long-term care.
In the following post, we’ll explore a seventh option for paying for long-term care and consider the pros and cons of that particular way to pay. Be sure to check back here soon!
Need help paying for skilled nursing or at-home care? Download our entire “11 Ways To Pay for Long-Term Care” booklet, and share it with your entire family.
View More from the 11 Ways to Pay for Long-Term Care Series:
11 Ways to Pay for Long-Term Care: #11 Medicaid Planning
11 Ways to Pay for Long-Term Care: #10 Charitable Remainder & Medicaid Disability Trust
11 Ways to Pay for Long-Term Care: #9 Viatical or Life Settlement
11 Ways to Pay for Long-Term Care: #8 Leveraging the Cash Value of Life Insurance
11 Ways to Pay for Long-Term Care: #7 Family Friends & Service Clubs
11 Ways to Pay for Long-Term Care: #6 Children of the Parents
11 Ways to Pay for Long-Term Care: #5 Tax Deductions
11 Ways to Pay for Long-Term Care: #4 Jumbo Reverse Mortgage
11 Ways to Pay for Long-Term Care: #3 HELOC
11 Ways to Pay for Long-Term Care: #2 Reverse Mortgage
11 Ways to Pay for Long-Term Care: #1 Long-Term Care Insurance
