For high school sweethearts Thomas and Lorene, family is more important than anything. After caring for their own parents, both realized the importance of easing the strain of caregiving for their own children and how having a plan in place could help.
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Thomas and Lorene’s caregiving story
Appreciating the bigger picture
Watch Thomas and Lorene’s video to hear their full story, and check out the variety of resources below, including client-approved materials you can share.
Understanding the client need
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Suggesting solutions
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Video transcript and financial professional talking points
Lorene Conley: My name is Lorene.
Thomas Conley: My name is Thomas. Me and Lorene, we met actually in high school. We were in typing class and I said, “That’s the girl that I'm going to marry.”
Lorene: And I don’t let him forget that, either. I have a little dog, a Shih Tzu who I love, Benji. My girls are grown, so what I do now, Benji has become the baby. And he is spoiled, yes. And I love to be around my family.
Lorene:
“Family is more important to me than anything. Thomas and I, as being primary caregivers for our parents, it’s interesting.”
(0:34) When family is important, long-term care planning can help family members cope when those needs arise. The planning and additional financial resources can also help reduce the stress of caregiving on the family.
Thomas and I, as being primary caregivers for our parents, it’s interesting.
Thomas: My mother passed away, and I had to go over there and help my father out a whole lot. You know, that was my introduction to caring for someone. Because I had never had to do that. Not on that level.
Lorene:
“I’ve learned a lot taking care of my mom. I help her maintain her bills, I help her with transportation. Order her prescriptions. All those little areas that she cannot do. I am her ears, arms, hands. Everything.”
(0:59) Everyone’s caregiving experience and needs are different; having a flexible solution can help people adapt more easily.
Thomas: But then you see so many people that, they’re not in that position. Particularly, I operate a homeless shelter. And you see so many people that, they're only worried about the next day. It made me think that, wait a minute, we could be working every day and not really plan for ourselves for our future.
Lorene:
“I know a lot of my friends would say, ‘I’m not worried about it. I have a house. If something happens to me, my children, they can cash in the house.’ But I always tell them, I say ‘Well, why would you not want to leave a legacy for your children?’ ”
“I know a lot of my friends would say, ‘I’m not worried about it. I have a house. If something happens to me, my children, they can cash in the house.’ But I always tell them, I say ‘Well, why would you not want to leave a legacy for your children?’ ”
(1:42) The ability to tap into a source of funds for long-term care can help preserve family wealth so that it can be passed along to future generations. And, long-term care benefits are usually paid tax-free (clients should consult with a tax professional). Using dedicated funds for LTC can help families avoid liquidating other assets that might result in taxes eroding the proceeds.
Why not just have something separate, another plan? When it gets hard with one of the parents, and sometimes it's overload, we have each other. But why not make it a little bit even easier for my girls? So, I learned through my mom the importance of long-term care.
Thomas: It is so important that individuals position themselves and see a bigger picture in life instead of that every day, living day-by-day picture.
Lorene: So we just want to make sure that we have something in place that my children can continue to live their life, and that we can also be taken care of, and have the best of care.
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