Caring For A Parent
Caring for an aging or ill parent or loved one can be incredibly demanding. Whether you are tackling it alone or have the help of other family members, are you equipped to offer the kind of care you want your parents to receive?
There are several financial issues to think about when looking after an elderly parent, from estate planning issues and trust, to Medicare. There are also issues with records that can include wills, investments and insurance policies. During this time, it's usually good to separate your emotional needs from the financial needs of your family when discussing elderly care. The primary concern should be what's best for the health of your parent. So although it may be difficult, making those arrangements should be the main priority.
The Big Picture
Caring for your parents as they age should be a joint effort. You and your family should work with your parents to recognize the financial and legal issues involved. That way you can develop the best plan to help protect their assets.
A good start is a discussion about an estate plan or will with your parents. By being prepared, you may eliminate the need for court involvement during a crucial time, and you may also be able to minimize taxes.
While taking care of immediate needs is essential, it's also important to consider what to do should your parents become incapable of caring for themselves. It is important to remember Medicare and private health insurance does not cover most long-term care expenses. This is a crucial time to review your parents' insurance coverage. In addition, proper insurance can help protect your parents' savings from the financial burden of a long-term illness.
Though it may not be a popular issue, it's important to consider the short- and long-term options that are available to your parents. Learn more about how Warren Wealth Management approaches your needs. Then visit our contact page and we will be happy to help you identify and prioritize your financial goals and track your progress toward achieving them.