016: Why Basic Estate Planning Isn't Enough (Part 2 - Adult Children, Aging Parents)

Summary: In this episode, Audrey Ehrhardt from ElderCounsel and I discuss the fact that people THINK they’ve “gotten it all taken care of” – but we explore the reasons why this is a dangerous assumption, and some of the things you should do about it. -A Will Isn't Enough (And Neither is A Revocable Living Trust) -Your Financial Power of Attorney Needs Review Read the Show Notes, or Learn More About This Episode: www.SmartPlanning101.com/16 Part 1: www.SmartPlanning101.com/15 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! We also put this into a practical perspective for adult children, so you can see how it relates to you and your parents. I also discuss the frequently discussed statement, “I’m never going to a nursing home – so don’t even discuss it with me,” and why we can’t let that statement hinder reality; Audrey illustrates how a long term care insurance policy may not give you the relief you believe it will; and more. 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.