Timing is everything in elder law planning, but many families struggle to know when to begin the conversation about aging and long-term care planning. Attorney Kellen Bryant explains the optimal times to start planning for aging parents and why earlier is almost always better—even though it’s rarely too late to take some protective action.
The Ideal Time: Early Retirement Phase
The Perfect Planning Window
The right time to start planning for aging parents is as soon as there is a retirement plan and no health scares on the horizon. This optimal timing provides several advantages:
- Maximum planning options: All strategies remain available
- Clear thinking: Parents can make informed decisions without health stress
- Family stability: Adult children’s personalities and behaviors have settled
- Comprehensive discussions: Time for thorough evaluation of all options
Why This Timing Works Best
There will be more planning options on the table when a couple is healthy and their adult children have personalities and behaviors that have settled. This stability allows families to:
- Have honest discussions about future care preferences
- Evaluate different family members’ ability to serve as caregivers
- Implement long-term strategies that require waiting periods
- Make decisions based on preferences rather than crisis management
During this phase, families can have a full comprehensive discussion about planning options in the future and how to go about implementing a particular plan.
The Challenge of Early Planning
Despite its advantages, early planning has drawbacks. The only drawback to this is that it takes time and money to educate clients, and the amount of education needed may be quite extensive.
This educational process can be streamlined if there is a seminar provided and the client is willing to pay for preventative advice—then that could help speed up and reduce the cost of the process.
Why Many People Wait
However, some preventative actions may not be desirable due to potential loss of control, and many new retirees will wait. Common concerns include:
- Fear of giving up financial control too early
- Reluctance to discuss mortality and incapacity
- Belief that planning is premature while they’re healthy
- Concern about the costs of early planning
The Most Common Planning Time: Settled Retirement Phase
Defining Settled Retirement
The most common time for most people to start planning is usually once the aging parent has left the settled retirement phase. Attorney Bryant has created this term to describe a specific life stage.
The term “settled retirement phase” is a unique term that I’ve created to refer to the time when aging parents have stopped taking multiple vacations a year and more or less stay at home living a minimally active life.
Why This Timing Makes Sense
That’s a good time to start planning because the parents will not likely see any significant consistent financial expenses on the horizon except for the expenses related to aging care.
During settled retirement:
- Travel and entertainment expenses have decreased
- Lifestyle has stabilized
- Future expenses are more predictable
- Focus can shift to care planning
- Asset preservation becomes the primary goal
Crisis-Driven Planning: After Diagnosis
The Common Trigger
Another very common time to start planning is immediately after a diagnosis of an illness that will cause long-term care needs.
The most typical type of illness manifests in the early signs of dementia, Parkinson’s disease, multiple sclerosis, and other types of degenerative diseases that will ultimately require long-term care.
The Urgency of Post-Diagnosis Planning
At that time, there need to be many conversations about losing control or giving control to a caregiver. These discussions become urgent because:
- Cognitive capacity may decline over time
- Legal documents must be executed while the person has capacity
- Care decisions need to be made before crisis situations
- Financial planning becomes time-sensitive
Challenges of Crisis Planning
Planning after diagnosis presents several challenges:
- Emotional stress affecting decision-making
- Reduced planning options due to health conditions
- Shorter timeframes for implementing strategies
- Family dynamics complicated by illness
Last Resort: Planning During Care Need
When Families Think It’s Too Late
Just because a client does not come for planning at the right time doesn’t necessarily mean that they are too late. Even when planning seems impossible, options may still exist.
Crisis Care Planning
It is also very common and much less preferred if the aging parent is able to understand to take action to protect assets when the aging parent needs long-term care nursing home needs.
Even at this late stage:
- Some asset protection may still be possible
- Legal documents can still be executed if capacity exists
- Medicaid planning strategies may be available
- Family coordination can still be improved
Limited Protection Available
If the parent has assets, we can still take action to protect them; however, the amount of assets that can be protected is much less than if prior planning had been performed.
Late-stage planning limitations include:
- Reduced asset protection opportunities
- Shorter look-back periods to work with
- Fewer strategic options available
- Higher costs for emergency planning
- More complex implementation requirements
The Planning Timeline Spectrum
Best Case Scenario: Early Retirement
- Maximum options available
- Comprehensive planning possible
- Lower implementation costs
- Stress-free decision making
Good Timing: Settled Retirement
- Good options still available
- Realistic about future needs
- Moderate implementation costs
- Some time pressure but manageable
Urgent Planning: After Diagnosis
- Limited but important options
- Time-sensitive implementation
- Higher costs due to urgency
- Emotional stress complicating decisions
Crisis Planning: During Care Need
- Minimal options but still worth pursuing
- Emergency implementation required
- Highest costs and complexity
- Damage control rather than optimization
Key Takeaways for Families
Regardless of where your family falls on this timeline:
- Earlier is better: More options and lower costs with early planning
- It’s rarely too late: Some protection is almost always possible
- Professional guidance is essential: Each situation requires customized strategies
- Education takes time: Allow time for learning and decision-making
- Family communication is crucial: Include all relevant family members in discussions
Start Planning Now, Regardless of Timing
Whether your parents are newly retired, settled in their routines, recently diagnosed, or already needing care, there are planning strategies available. The key is taking action rather than waiting for a “better” time that may never come. Even late-stage planning can preserve more assets and provide better outcomes than no planning at all.
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Author Bio
Kellen Bryant, Esq.
Founder
Florida Bar Board Certified Elder Law Attorney, Kellen Bryant focuses his law practice on advising and helping caregivers with a particular focus on asset protection and preservation from long-term care costs, creditors, and predators. Kellen Bryant is AV Preeminent® Rated, meaning his attorney peers rated him at the highest level of professional excellence. Kellen Bryant was nominated and selected as a Super Lawyer, Rising Star: 2022.
