Estate planning often covers the business after death, but preparing for your or another’s twilight years is also important. This includes options for advanced medical directives but also covers the everyday choice of your needs and long-term care.
When considering long-term care, you have a few routes to take. Each requires communication with your family to keep everyone on the same page.
According to the AARP, more than 1 in 5 adults acted as unpaid caregivers in 2020. This option involves less cost, financially, but eats into your time as unpaid labor. Depending on a person’s needs, this may require an hour a day or demand upwards of 26 hours per week.
Virginia has the PCAFC program designed to help family caregivers earn some money while providing care for their loved ones. This requires paperwork and training but may provide a paid incentive for a job you already perform.
Other companies offer in-home caregiving where a trained employee visits regularly and provides care based on a predetermined plan. This may help family members manage their time better around providing care.
Nursing home care
A nursing home offers a full staff and facility rather than constant visits to your home. Communicating with your family can help determine whether this is the best option for you all.
Each of these options comes with paperwork and documentation. It is important to have your wishes clearly laid out regarding this topic alongside methods of financially supporting them. There are resources available to help you learn more about your unique situation.