Where the Family Gets Lost in the Long-Term Care Conversation
This article submitted by Andrew Devlin and James Trenton Davis
My mother had Alzheimer’s for ten years. When it became clear she could no longer safely stay at home, our family faced the same decision millions of families are confronted with each year. It’s a decision we all know is inevitable, but nobody feels truly prepared for it when the time comes.
Moving my mother into long-term care was one of the hardest things our family has ever done. Then came the second shock. It was going to cost more than $10,000 a month. Facing the minimum annual expense of $120,000, and potentially for years, we knew we were going to have to use the equity in our family home. At that time, we decided to sell our home before we fully understood all our options.
My parents had done what careful people are supposed to do. They had retirement income, investments, and long-term care insurance. They had trusted professionals helping them: an estate attorney, a wealth manager, a real estate broker, and a CPA. Every one of those professionals gave thoughtful advice within their area of expertise.
And our family still struggled financially and emotionally through the process.
The problem was not that anyone failed us. The problem was that no one was responsible for coordinating the entire picture at a time when we were under enormous stress. Like many families, we found ourselves trying to manage everything while simultaneously caring for someone we loved.
Our decision about what to do with our home was directly impacted by care decisions, legal planning, finances, family dynamics, and logistics. Everything was happening at the same time. All of the professionals involved had an important role, but each operated within a separate lane. The gap between those lanes is where most families get lost.
The Long-term Care Crisis
What happened to us happens to the majority of families. 70% of Americans who reach 65 will need long-term care. 79% of seniors own their homes, but fewer than 4% have long-term care insurance. The median retirement savings for someone between 65 and 75 is $200,000. Long-term care now averages $120,000 a year.
The math resolves quickly and badly for most families, who exhaust their savings within the first two years. The family home is the major asset they have to turn to after the money runs out.
How We Help
Legacy Property Advisors helps families who need to use their family home to help pay for long-term care. Our role is to organize conversations, coordinate communication, and work collaboratively with the licensed professionals already assisting them during this major life transition. We help families stay organized, reduce confusion, and navigate difficult decisions around the family home more thoughtfully and collaboratively.
We do not replace attorneys, CPAs, financial advisors, healthcare providers, or real estate professionals. As such, we do not provide legal, tax, investment, medical, or real estate services. remain independent, we do not represent buyers or sellers in real estate transactions, and we never receive commissions.
Families who navigate these transitions most successfully are often not those with the most money. They are the ones who had support, open communication, and a coordinated process before a crisis forced rushed decisions.
For families who cannot afford our coordination services, the Legacy Property Advisors Foundation* was established to help provide support at no cost through charitable donations and community partnerships.
If this story feels familiar to you or someone you know, please reach out to learn more. We would be honored to help coordinate the conversation.
James Trenton Davis, Partner, Legacy Property Advisors
831.345.2092
legacypropadvisors.com
Andrew Devlin, Partner, Legacy Property Advisors
Andrew@legacypropadvisors.com
*Legacy Property Advisors Foundation fiscal sponsorship provided by Fiscal Sponsorship Allies.
