Making Long-Term Care Plans for Elderly

Six steps to usher aging relatives into their golden years

See the process as a learning lesson. Chalk this up as life’s message to you. Heed the process of helping an elderly parent as your own wake-up call.  Myers says considering long-term care insurance is one way to make sure that you don’t disrupt your children’s lives in old age. Long-term care insurance can be expensive, but the cost can be affordable if you open a policy in your 30s or 40s.  Your state department of insurance offers a listing of companies that sell policies.  You can get a listing at the ConsumerAction.gov.

Related Article: Part 1: How Creative Planning Can Help Beat Costs of Elder Care

WEALTH FOR LIFE PRINCIPLES

1. I Will Live Within My Means
2. I Will Maximize My Income Potential Through Education and Training
3. I Will Effectively Manage My Budget, Credit, Debt, and Tax Obligations
4. I Will Save At Least 10% of My Income
5. I Will Use Homeownership as a Foundation For Building Wealth
6. I Will Devise An Investment Plan For My Retirement Needs And Childrens’ Education
7. I Will Ensure That My Entire Family Adheres To Sensible Money Management Principles
8. I Will Support the Creation and Growth of Minority-Owned Businesses
9. I Will Guarantee My Wealth Is Passed On To Future Generations Through Proper Insurance And Estate Planning

10. I Will Strengthen My Community Through Philanthropy

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