The Wall Street Journal Spotlights SeniorBridge’s Experience Helping Families Navigating Conflicts Over Expenditures On Caregiving
An in-depth article by Anne Tergesen in The Wall Street Journal points to the emotional complexities baby boomers and the elderly battle surrounding the financing of long-term care and alludes to the need to overcome guilt and anxiety in order to establish realistic expectations, and make informed decisions. SeniorBridge’s Claudia Fine is the first geriatric care management expert quoted in the article which points to SeniorBridge’s experience helping families sort out differences and unexpressed feelings.
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Below is an excerpt from the article. To read the full text click here.
For a growing number of boomers, things aren't going according to plan. The postwar generation is living longer—and many are spending their savings along the way. And, of course, many of them also took a hit in 2008.
The result is that, as a group, boomers likely won't be getting as much of an inheritance as they hoped. Even worse, far from receiving a bequest, a growing number are tapping some of their own savings to help their cash-strapped parents make ends meet.
In situations where children have adequate financial resources, some advisers recommend the children pay a parent's health-insurance premiums, purchase a long-term-care insurance policy for him or her, give a set amount of money each month or purchase the parent's home to generate cash for living expenses. (Before implementing a strategy, talk with your financial and tax advisers.)
The process can lead to conflict, although the tension typically remains beneath the surface, says Claudia Fine, an executive vice president at SeniorBridge, a company that provides care-management services.
Very often, she adds, she sees conflict arise over expenditures on caregiving. "Because feelings about inheritance are not expressed, families have a hard time sorting out their differences."
To read the full text click here.
Photo: Stephen Webster via Wall Street Journal