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.
The first step is education, according to Michael Green, wealth management advisor at Apollon Wealth Management. In other words, helping clients understand what extended care is and the consequences of both providing and paying for it. In his view, clients often need to hear that they must take care of themselves first in order to effectively help others.
“It’s important to remind them that assets don’t pay for care, income does. They need clarity on whether they could realistically maintain their lifestyle and still cover care costs for themselves or a loved one if both needs arise simultaneously,” Green said.
A need for extended care can result from a chronic medical condition, whether physical or cognitive. And Green adds that it’s essential for clients to recognize that “extended care is a life-changing event,” one that can have lasting physical, emotional, and financial impacts on the entire family.
Abigail Gunderson, senior wealth advisor at Tanglewood Total Wealth Management, says for those in the accumulation phase, typically in their 30s through 50s, the most valuable habit one can develop is to pay yourself first by making saving a top priority. This requires the discipline to consistently set aside a portion of their salary into a company retirement plan or to dollar-cost average a fixed amount from each paycheck into a brokerage account.
“You can start small and gradually increase this amount over time. It is prudent to treat this as ‘mandatory,’ like a mortgage or utility bill, so you steadily benefit from the power of compounding over the course of your career,” Gunderson said.
Elsewhere, 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.
Many people underestimate how physically, emotionally, and financially demanding it can be to care for a loved one. Beyond the cost of non-acute care, such as home health assistance, family caregivers may also need to reduce work hours or even leave their jobs entirely. Most people don’t truly grasp the total impact of extended care until they’ve experienced it firsthand, according to Apollon’s Green.
“Discussing potential scenarios early, before a crisis, helps families understand the choices and tradeoffs involved, and ensures they’re better prepared when the time comes,” Green said.
Tanglewood’s Gunderson believes long-term care costs can be managed by securing a long-term care insurance policy with premiums that are both affordable and sustainable over time. In her experience, however, those who made saving for one’s retirement a top priority can often cover necessary medical expenses later in life.
“Clients who have taken this approach are often able to meet their long-term care expenses comfortably, even without a long-term care policy in place. Many individuals who move into assisted living, memory care, or long-term care facilities choose to sell their former homes, using the proceeds to build or add to a well-diversified portfolio that generates the income needed to fund their care,” Gunderson said.
Gunderson notes it is important to have open conversations with both parents and children about finances. For aging parents, she believes it is especially helpful to discuss their estate plan, powers of attorney in place, assets they own, and the types of insurance policies they may have. Just as important in her view is that parents communicate with their children about their preferences for the future, whether that means remaining in their own home for as long as possible or eventually moving to a senior living community that offers a continuum of housing and care options as their needs evolve.
Northwestern Mutual’s 2025 Planning & Progress Study finds 61% of adults expect to experience a long-term care event and nearly three-quarters say they’d prefer to receive care in their own home rather than move to a facility.
“When a parent begins to show signs of diminished capacity, the absence of prior planning can create significant challenges for children who are suddenly faced with making important decisions on their behalf. On the other hand, a carefully executed estate plan can provide a seamless transition when a parent begins to deteriorate physically or mentally, giving the children clear guidance to implement their parents’ wishes and access to assets that will support their care,” Gunderson said.
Finally, Jarvis feels the long term planning process should begin with a “values-based discussion.” Parents articulate what matters most and how they want money to support their intentions. In his opinion, that clarity strengthens the plan and reduces potential conflict.
“Many families encourage their adult children to complete the same exercise, and some make it a prerequisite for receiving gifts or inheritance. This alignment utilizes money as a means to a purpose, rather than a source of confusion, envy, or resentment. Documented goals, defined roles, and periodic reviews create a sustainable plan that can adapt to changing needs,” Jarvis said.
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