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 Foreman

Links + 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 Line

Schromen Law, LLC - Legal Professionals who specialize in Medical Assistance Planning

Types of Long-Term Care Insurance & Alternatives

A. Traditional LTC Insurance

• Annual premiums, use-it-or-lose-it
• Health underwriting required
• Often less flexible

B. Hybrid LTC (Life Insurance + LTC Rider)

• Permanent life insurance with LTC benefits
• If care is never needed, legacy benefit remains
• Usually more expensive upfront, but asset-based

C. Annuities with LTC Benefits

• Income-producing tool with care coverage if needed
• Can be repurposed from existing retirement accounts

D. Alternatives to Insurance

• Self-funding (for high-net-worth clients)
• Medicaid Planning (asset spend-down, trusts)
• Family caregiving (and its financial/emotional costs)

Chapters

00:00 Navigating Finances in Caregiving

06:19 Starting Difficult Conversations

11:52 Understanding Legal Documents

18:23 The Reality of Long-Term Care Insurance

24:25 How has Financial Planning Changed for today's Generation

25:56 Medicare vs. Medicaid Explained

30:53 The Challenges of Medical Assistance

35:52 Leaving a Legacy and what does that mean

39:20 Conversations to plan for a better future for our generation

41:17 Medicaid and Elder Waiver

44:18 Planning for our own futures

47:13 Is it ever too late to hire a professional?

50:00 The first steps in getting your shit together

53:04 Having Empathy and Humanity to the hard conversations

57:25 Real Talk