Caring for an aging parent is a complicated and delicate business. But the fact is, many of us will one day find ourselves in this position. According to MetLife’s estimation, in 2011 almost 10 million adult children over age 50 cared for an aging parent. * Below you’ll find a few important discussion points to keep in mind when you have this essential conversation with your parents.
Create a care giving budget with your parents. Take a look at what you are spending on care giving as well as your parent’s income and expenses to see what resources of theirs can be spent on care giving.
Take the time to review all of your parents’ current plans – health insurance, life insurance, long-term care insurance, and wills/trusts. Do they have all of the necessary documents? Create a personal data record that includes financial, legal, medical, and insurance information.
Who will handle the decision-making? Understanding what your parents want is vital if you have the responsibility to make decisions for them. An attorney can assist you and your parents in creating a living will, power of attorney, or a health care proxy. This ensures your parents’ wishes are respected.
In the midst of planning for your parents, it’s essential that you have your own financial plan in place or that you update your current plan. If you would like to discuss your retirement plan with a financial planning professional, FORUM Private Client Group can help.* Call 317.558.6322 or email firstname.lastname@example.org.
**Not NCUA insured. May involve loss of principal. No credit union guarantee.