It is very challenging to keep track of your own finances
like your child’s education, mortgage and car payment, and then your parents
asked you for help. Are you ready to extend a helping hand?
There are some people who envisioned their retirement life
enjoying the Caribbean, learning a new hobby or doing the things they were not
able to do while they were working. However, healthcare and long-term care
needs might burst your happy bubble. These things can affect enjoyment of life
and as well as in leaving a big dent in your nest egg.
Fortunately, there are strategies that can help older adults
lessen the impact of expensive long-term care expenses and they are the
following:
1. VA benefits
2. Medicaid compliant SPIAs
3. Setting up a trust.
Working on these things with your parents will make the
transitional stage of life more fluid and easier for the whole family.
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