Making sure that a person has quality end-of-life care during their final years can be difficult, and it is crucial to make sure that their finances are in order. If a person is a trustee or power of attorney of an elderly individual then it is never too early to start planning ahead on maintaining financial stability. “Sometimes the trustee or power of attorney (or POA) is conflicted about whether to manage money for the elderly person — who, if healthy, may never need long-term care — or the heirs.” In order to make the money saved up for long-term-care last it is a good idea to put the cost of 5 years in a private facility into liquid investments. The retirement savings should act like a sort of pension for the elderly individual. There might be annuity risks involved, so it is important to look for a solid highly-rated company.
See Judy Martel, Managing end-of-life finances, Bankrate, March 30, 2016.
