Episode 5: F*ck - now I have to manage my parent’s finances too? With Shannon Foreman of Forethought Planning

Raise your hand if you’re a caregiver who has needed to manage your parent’s finances and you think - oh F*ck - this is A LOT more difficult than I expected?!? We think everyone in the room right now feels this way! No matter how full or empty the bank account is, opening the books to your parents finances, managing the cost of care and navigating the emotions of money is a journey that is riddled with feelings. In this episode, we welcome Shannon Foreman, CEO and Founder of Forethought Planning. Shannon is a three-time-sandwiched caregiver herself and has helped countless families walk through the money conversations. We are SO grateful for Shannon’s wisdom in this podcast as we dive into conversations around what legacy really means, long term care insurances, Medicare vs Medicaid and most importantly - how to bring up ‘the money talk’ with your parents, while bringing empathy and humanity to the conversation. “Money and Health are so important, intertwined and personal. Just like you need a good bedside manner for health, you have to have a good bedside manner for money too.” - Shannon ForemanLinks + Resources: Forethought Planning Podcast: For more deep dives and advice from Shannon Foreman, check out her podcast! Here is a link for Long Term Care Specific Episodes!Cost of Care Quote: Use this site to calculate the cost of care in your area!*Minnesota* Medical Assistance *Minnesota* Senior Linkage LineSchromen Law, LLC - Legal Professionals who specialize in Medical Assistance PlanningTypes of Long-Term Care Insurance & AlternativesA. Traditional LTC InsuranceAnnual premiums, use-it-or-lose-itHealth underwriting requiredOften less flexibleB. Hybrid LTC (Life Insurance + LTC Rider)Permanent life insurance with LTC benefitsIf care is never needed, legacy benefit remainsUsually more expensive upfront, but asset-basedC. Annuities with LTC BenefitsIncome-producing tool with care coverage if neededCan be repurposed from existing retirement accountsD. Alternatives to InsuranceSelf-funding (for high-net-worth clients)Medicaid Planning (asset spend-down, trusts)Family caregiving (and its financial/emotional costs)Chapters00:00 Navigating Finances in Caregiving06:19 Starting Difficult Conversations11:52 Understanding Legal Documents18:23 The Reality of Long-Term Care Insurance24:25 How has Financial Planning Changed for today's Generation25:56 Medicare vs. Medicaid Explained30:53 The Challenges of Medical Assistance35:52 Leaving a Legacy and what does that mean39:20 Conversations to plan for a better future for our generation41:17 Medicaid and Elder Waiver44:18 Planning for our own futures47:13 Is it ever too late to hire a professional?50:00 The first steps in getting your shit together53:04 Having Empathy and Humanity to the hard conversations57:25 Real Talk