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Caring for Elderly
Parents
As our parents grow older and their life
expectancy rises to previously unseen levels, we are
faced with a growing dilemma: how to finance the
higher costs associated with assisted living
facilities, in-home care and medical expenses
without going broke!
We all want to care for our
loved ones, but we also want to ensure a stable
financial future for ourselves and our own families.
With this in mind, CMPS professionals are committed,
qualified and equipped to help you implement these
three proven steps to help you financially care for
your elderly parents:
- Develop an Elder Care
Funding Plan of Action:
- The best way to
approach elder care financing is by
re-examining your spending habits and the
way your monthly cash flow works. This
doesn't necessarily mean that you need to
spend less or earn more. It just means that
you need to spend your monthly cash flow
differently. You see, most people who want
to care for elderly parents can do so if
they just manage their cash flow
differently.
- For example, instead
of being forced to dip into credit cards or
settle for a less than desirable situation
for your parents, you could start planning
for these expenses by establishing a family
reserve account on your own or with your
other siblings specifically for this
purpose.
- Even if you missed the
opportunity to start early, CMPS
professionals help you establish a viable
plan to re-allocate your monthly cash flow
and change your spending habits. This cash
flow plan will result in your being
financially able to pay cash for your
parents care. CMPS professionals also work
as a team with your CPA, CFP and other
financial advisors to help you determine how
much cash flow you need for the care and
where best to generate that income. There
are some specific strategies including:
- Reverse Mortgages
- Home Equity Lines
of Credit
- Interest-Only
Mortgages / Cash Flow ARMs
- Home Equity
Management Techniques in Conjunction
with Investment Management Strategies
that Involve:
- Annuities
- Tax Free Bonds
- Investment Grade
Life Insurance
- Other Safe,
Guaranteed & Diversified Investments
- Implement the Plan of
Action:
- There is a reason that
professional athletes have coaches. No
matter how good the athlete is, the coach
can help keep them accountable in
identifying weak spots and improving their
performance. You can also benefit by having
a team of "financial coaches". CMPS
professionals are able to "coach" you in
implementing your elder care funding plan.
CMPS professionals also work in a team
environment with CPAs, CFPs, attorneys and
other financial professionals in order to
help you better achieve this and other goals
in your life.
- Review and Modify the
Plan of Action:
- We all experience
changes in our lives that involve our
income, career, family, health, lifestyle,
etc. CMPS professionals help you review and
make modifications to your elder care
funding plan as changes arise in your
personal and financial situation.
Additionally, there may be new types of
mortgage planning products and services that
could help you enhance your elder care
funding plan. The plan review and
modification is often referred to as an
"Equity Management Review", or an "Annual
Mortgage Review."
Click below to download the free report that
illustrates some of the mortgage, cash flow and home
equity planning strategies to better help you
prepare for elder care funding:
 How
to Safely Manage Home Equity
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