Navigating Elder Care for High Net Worth Families with Teresa Leigh

Summary

In this episode, Russ Haworth and Teresa Leigh discuss the complexities of elder care within ultra high net worth families. They explore the reluctance of families to bring in external caregivers, the risks associated with transitioning in-house staff to caregiving roles, and the importance of managing expectations during these transitions.

The conversation emphasizes the need for proper vetting of care providers, the potential pitfalls of improper vetting, and the role of technology in caregiving. Additionally, they highlight the critical involvement of family members in coordinating care and ensuring the well-being of their loved ones.

In this conversation, Teresa Leigh discusses the complexities of caregiving within ultra high net worth families, emphasizing the emotional and relational dynamics that come into play when making care decisions. She highlights the importance of reframing care as a positive experience rather than a negative one, focusing on quality of life rather than costs.

Effective communication strategies are essential for families to navigate these discussions, and understanding the risks associated with care management is crucial for ensuring safety and well-being.

Chapters

00:00 Introduction to Elder Care in High Net Worth Families

03:04 Understanding the Reluctance for External Care

05:48 The Risks of In-House Staff Transitioning to Caregivers

09:04 Managing Expectations with New Caregivers

12:13 Protocols for Hiring Caregivers

14:47 The Importance of Vetting Care Providers

18:02 Potential Pitfalls of Improper Vetting

20:49 Integrating Technology in Caregiving

24:07 The Role of Family in Care Coordination

29:21 Navigating Family Dynamics in Care Decisions

34:23 Reframing Care as a Positive Experience

39:08 Quality of Life Over Cost

44:03 Effective Communication Strategies for Families

52:31 Understanding Risks in Care Management