So my parents are in their advancing years, as are my in-laws, and I wanted to get some advice regarding parental care in this stage. My wife and I are completely on board with having any of them move in with us. Our motivations are not the least bit financial yet there are financial implications and strategies to potentially employ. We haven't bought our "forever home" yet, and I suspect each will handle their own living situations until the other spouse passes away. So the questions/issues I see here:
1. Living arrangements. I see a separate living area (guest house, apartment above garage, etc.) as the most ideal because it allows for other uses (rental, AirBnB) until one of them moves in (or on a continued basis if they don't) and privacy. Issues I see. Who gets to live there - which side of the family? How much space to have? Do you make it handicapped accessible or wait to do this? Do you engage in a rental situation with them?
2. Long term care insurance. I don't know a lot about this topic and the options available. I imagine the ideal in a live-in situation with us would be to pay for a policy that covers the extremes of medical expenses beyond what they could reasonably afford with retirement draw-down. Do those policies exist? Issues I see. Who does the care if any is needed? Planning on possible part time work for spouse, theoretically having the situation becoming a financial and time burden, etc.
Has anyone tackled this and have advice? Appreciate the help.
1. Living arrangements. I see a separate living area (guest house, apartment above garage, etc.) as the most ideal because it allows for other uses (rental, AirBnB) until one of them moves in (or on a continued basis if they don't) and privacy. Issues I see. Who gets to live there - which side of the family? How much space to have? Do you make it handicapped accessible or wait to do this? Do you engage in a rental situation with them?
2. Long term care insurance. I don't know a lot about this topic and the options available. I imagine the ideal in a live-in situation with us would be to pay for a policy that covers the extremes of medical expenses beyond what they could reasonably afford with retirement draw-down. Do those policies exist? Issues I see. Who does the care if any is needed? Planning on possible part time work for spouse, theoretically having the situation becoming a financial and time burden, etc.
Has anyone tackled this and have advice? Appreciate the help.
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