It’s increasingly common to find that your aging parents are having health problems, suffering mental lapses, or just slowing down with age. If these problems aren’t getting better, talk with your parents and any siblings.
One option is to suggest your parents move to your home to avoid using their assets to pay for a nursing home or other facility. This can also alleviate the chance of your parents receiving inadequate care from strangers. However, the costs associated with feeding, clothing and caring for aging parents can be high, especially if it affects your ability to work because you need to be home with them.
If your parents’ care is more than you can handle, consider an assisted-living arrangement. “Assisted living” is a broad term that includes a range of facilities and services designed to help seniors, who can’t live independently. Depending on your parents’ conditions and needs, you may consider these options: continuing care retirement communities, retirement communities, active senior communities, nursing homes, or special care facilities for conditions like Alzheimer’s or dementia.
Be sure to consult with your parents’ physicians or other care providers for recommendations that might better meet your parents’ needs. Finally, if you have an employee assistance program, contact your human resources department for help.
Henssler Financial believes you should Live Ready. That means being ready to care for your aging parents should they be unable to do so themselves. If you have questions on elder care planning, your Associate can help you. If you have questions, contact the Experts at Henssler Financial: 770-429-9166 or experts@henssler.com.
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The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.
