Family Impact of Long-Term Care
In a time of unprecedented longevity due to better health awareness, safety technologies, advanced medical techniques and advances with prescription drugs, many of us are likely to live into our 80's and 90's. Therefore, given a long life we may become frail or sick and need care.
Informal care by your family will have a cost to their physical and emotional well-being.
Providing care to chronically ill people can make healthy caregivers chronically ill. Most people
are forced to enter a nursing home when their caregiver gets sick.
Reallocating your income stream for care has a cost to your family's lifestyle and continuing financial obligations.
Invading your investment portfolio creates substantial tax consequences and threatens the viability of your surviving spouse and your children who may depend on it for their inheritance. A surviving spouse could face severe financial consequences if most of the retirement income and assets are used to fund long-term care.
Second marriage conflicts may occur because prenuptial agreements are invalid when there are not enough funds to pay for care. Your spouse may be forced to use assets creating a host of issues for the children.
Reallocating your income stream for care has a cost to your family's lifestyle and continuing financial obligations.
Invading your investment portfolio creates substantial tax consequences and threatens the viability of your surviving spouse and your children who may depend on it for their inheritance. A surviving spouse could face severe financial consequences if most of the retirement income and assets are used to fund long-term care.
Second marriage conflicts may occur because prenuptial agreements are invalid when there are not enough funds to pay for care. Your spouse may be forced to use assets creating a host of issues for the children.