Michelle (age 64) was in a position none of us would envy. She was caring for her husband Ron who was diagnosed with advanced-stage cancer while also responsible for providing care to Esther, her 95-year-old mother who had suffered multiple strokes. She was referred to the LCAP team by her attorney, who was concerned that she would need to make some serious financial and property decisions in short order, to support her family members.
Multigenerational Caregiving
Esther was a seasoned investor who had built a lot of the family fortune. When she had her first stroke several years ago, she bought a large home that Michelle and Ron moved into. Esther was able to pay for home care from the dividends from her portfolio.
Two years into this arrangement, Esther’s health situation thankfully plateaued but Ron was diagnosed with cancer. Because the house was already set up for caregiving, Michelle decided to care for Ron at home, but she had two primary concerns: how to get rid of a second beach property that needed work, in order to generate extra liquidity to pay for Ron’s healthcare needs; and how she would manage to take care of Ron while continuing to be a supportive daughter and caregiver to Esther.