November marks “Long-Term Care Awareness Month.” This year, advisors are using the occasion to highlight the growing pressure on adults caring for both aging parents and their own children.
This so-called “sandwich generation” is forced to make trade-offs that can strain savings and retirement goals, which is why advisors are stepping in to help clients balance competing priorities and explore strategies that protect family finances across generations.
Paul Jarvis, partner & financial advisor at Prime Capital Financial, starts by clarifying boundaries and defining support as a line item in a client’s financial plan rather than an open-ended obligation. The goal is to protect their interests and ensure a long-term care plan is in place before a health event forces decisions.
“A competent planner stress-tests different scenarios, identifies gaps, and evaluates whether insurance, trusts, or spending policies are necessary. The planner can also help determine how support should be funded and if additional help is needed from assets or even family members,” Jarvis said.
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