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When clients hire family caregivers, be careful, advisors warn

Marguerita Cheng wishes more people would think like her late client. At 78, while still traveling to Europe and doing consulting projects, the client huddled with her daughters to plan for when she would get older and need care.

She and her “two girls” — a social worker and a nurse — decided to sell her condo so she could move into an assisted living facility where she would enjoy a high level of autonomy. They also decided to sell her vacation home and put the funds into an account that the daughters could access to pay for her out-of-pocket medical expenses.

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