In this episode of FIN-LYT by EWA, Matt Blocki is joined by Chris Pavcic to tackle a delicate yet essential topic in financial planning: initiating long-term care conversations with aging parents. As longevity increases and care costs soar, understanding how to proactively navigate these discussions can be critical for both emotional and financial wellbeing.
Matt and Chris explore a framework for addressing long-term care that applies across all stages of wealth. From families with modest means to those able to self-insure. They break down planning options across three primary paths: Medicaid planning, insurance-based strategies, and self-insuring. This episode provides real-world scenarios and actionable insights, including how physicians and other high-income earners can proactively plan for parental care costs, such as leveraging life insurance with long-term care riders.
Matt and Chris emphasize the importance of coordinating care roles, updating legal documents like powers of attorney, and fostering transparency across generations. Whether you're seeking to protect your family's legacy, minimize tax exposure, or simply prepare for difficult conversations, this discussion delivers practical tools to help you lead with confidence and compassion.
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