My mother who is a retired estate planning attorney and has an income over one million dollars and assets millions comments about why owning care benefits if valuable: “No one has that much money.”
What she means, no matter how much income — care expenses if you are frail or if you need assistance because of activities of daily living will take significant sums of money away from your cash flow which funds your lifestyle.
I am certain that the people affected in the Montecito area of California which is affluent are calling their insurance agents about their homeowners’ insurance. There will be no happiness if they are obligated to pay for repairs from their income or assets.
Why not have the conversation about an event which is a probably: Frailty, Dementia, or activities of daily living will occur and what is your plan for caregiving and how will you pay for it?