Aging Parent - Next Steps for Managing Finances
My father (single) is 73 and is very anxious about what to do next to manage his finances, particularly for planning assisted living etc. He has ~$3M across investments, 401k, etc. He's specifically concerned about making sure he has enough in case he requires assisted living tomorrow.
He's unlikely to require any real assistance for the next 5-10 years, but he's pretty concerned about taking the next planning steps and it's leading to decision paralysis/a lot of anxiety. I'm curious to get some general advice on what types of financial moves people with his demographic typically make (trusts?) and what type of financial advisor/lawyer he should be consulting with to provide specific guidance. He has normal financial advisors but they seem more attuned to general investment strategy, not specific to life planning.