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My parents are in their seventies and until this year have enjoyed good health, however, this year my father has experienced some pretty serious medical problems. I'm pleased to say (at this time) he's stabilized to the point though that both my parents are now extremely concerned with protecting their assets should one not be able to care for the other and have to seek outside assistance or even a resthome situation. I am an only child and live some distance therefore I am unable to assist them as would be necessary if/when things get worse.
Their assets are fairly sizeable and basically live off interest from bonds, mutual funds, and rent from a business building they lease.They also own a couple of houses and a few acres of land. In any case, I'm wondering if anyone out there might have had experience with this kind of situation and throw some bread on the water! I'ts a shame when people work hard their whole lives and then not only have to deal with advancing age (health problems), but worry how to keep the buzzards off the fence waiting to take everything should they require long-term care. They belong to an HMO and aside from the standard complaints, has saved them in this regard, yet Long-Term Care insurance may be cost prohibitive. Their looking into it, but indicate this prospect is not looking favorable at this juncture! What would a FOOL do?
I would be grateful for any thoughts/feelings you may have!
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