Planning for Goodbye: Financial Guidance for Families Navigating Long-Term Illness

When a loved one begins facing the realities of long-term illness, families often find themselves navigating unfamiliar territory—emotionally, medically, and financially. It can be overwhelming. Yet with preparation and empathy, this chapter of life can become one of deeper connection, dignity, and peace.

At Parkshore Wealth Management, we believe that financial planning plays a quiet but powerful role in helping families move through this time with clarity and grace. Inspired by themes in Katy Butler’s The Art of Dying Well, here’s a practical, compassionate guide to preparing for—and walking through—this complex season of life.

Honor Their Voice Before Anything Else

Before diving into logistics, start with a heartfelt conversation.

Ask your loved one:

• What matters most to you now?

• What does quality of life look like from your perspective?

• Are there any fears or non-negotiables you want us to understand?

These conversations can set the stage for every financial and legal decision to follow. At Parkshore, we often guide clients through “values-based planning”—aligning financial choices with deeply personal goals rather than simply reacting to a diagnosis.

Financial Planning That Honors the Person

Once a loved one’s wishes are clear, the financial framework should support those priorities. That may mean:

• Adjusting investment strategies to prioritize liquidity or reduce risk

• Evaluating long-term care funding options, including private pay, long-term care insurance, or state programs

• Preparing for caregiving costs, which may include in-home support, adult day care, or facility-based care

• Protecting assets, especially if one spouse requires care and the other remains healthy and financially independent

The financial path should reflect not just your loved one’s medical reality but also the family’s emotional readiness, available support systems, and broader financial picture.

Organize the Essentials

The right documents are your family’s safety net. Having them organized and up to date can reduce confusion, ease decision-making, and protect your loved one’s dignity and autonomy.

We recommend reviewing the following with a trusted advisor or attorney:

• Advance Healthcare Directive: Names a healthcare proxy and details medical preferences

• Durable Power of Attorney: Grants authority to manage finances if your loved one is incapacitated

• Living Trust or Will: Specifies asset distribution and guardianship (if applicable)

• POLST (Physician Orders for Life-Sustaining Treatment): Clarifies end-of-life medical wishes

• Asset and Insurance Inventory: Provides clarity on retirement accounts, life insurance, annuities, and long-term care policies

At Parkshore, we often coordinate with estate attorneys to help ensure these documents are legally sound and aligned with the family’s evolving needs.

Build a Circle of Support

The journey through serious illness isn’t one to walk alone. Assemble a team—formal and informal—that brings clarity, strength, and comfort.

Your team may include:

• Family members with defined caregiving and decision-making roles

• Medical professionals and case managers

• Financial advisors and fiduciaries who act in your best interest

• Elder law attorneys for Medicaid planning or guardianship needs

• Counselors or spiritual advisors for emotional resilience

Our advisors strive to serve as a grounding force, helping families weigh trade-offs and managing financial details.

Focus on Living, Not Just Planning

While financial readiness is key, so is remembering what you’re planning for: a life lived with intention, even near its end.

Encourage joy where it can be found—be it a daily walk, visits from grandchildren, or a favorite piece of music. Make the home safer and more comfortable. Consider early integration of palliative care, which can improve quality of life even before hospice is necessary.

Families often report that their strongest memories during this time aren’t of paperwork or appointments but of laughter, storytelling, and simple presence.

Take Care of the Caregiver

Many families underestimate the toll of caregiving—financially, physically, and emotionally. If you’re the one supporting a loved one, give yourself permission to set boundaries, seek support, and invest in your own well-being.

At Parkshore, we help families evaluate how caregiving responsibilities may impact career plans, retirement timelines, and household finances—and how to adjust wisely.

A Final Word

Long-term illness marks a profound shift in the life of a family. With open conversations, strong financial planning, and a support network grounded in empathy, families can create a meaningful final chapter—one marked not by fear, but grace.

At Parkshore Wealth Management, we are honored to walk alongside families in Granite Bay, Folsom, Lehi, Logan, and beyond as they navigate these deeply personal transitions. Our role is to bring clarity, comfort, and wise counsel when it’s needed most.

Schedule a complimentary, 15-minute chat with a fee-only, fiduciary financial advisor today to discuss your personal situation.

This material was written in collaboration with artificial intelligence (ChatGPT) derived from sources believed to be accurate. This information should not be construed as investment, tax, or legal advice.

Parkshore Wealth Management is a family-owned, independent, fee-only Registered Investment Advisor with offices in Granite Bay and Folsom, CA, and Lehi and Logan, UT. We partner with financially responsible individuals and families who are eager to take positive steps that will allow them to use their money to build the life they desire. The firm is led by Harold Anderson, CFP®, and Daniel Andersen, CFP®, both members of NAPFA, the country’s leading professional association of fee-only financial advisors.