How to Care for Aging Parents Without Sabotaging Your Financial Future

6:19 pm Asset Protection, Estate Planning, Retirement Planning

senior couple2 e1317061128392 How to Care for Aging Parents Without Sabotaging Your Financial FutureTake one struggling economy, add increased longevity among American seniors and what you have is a growing problem facing many Baby Boomers nearing retirement age:  how to support aging parents financially without wrecking your retirement years.

A recent Forbes.com post provides the following tips on how to handle aging parent support issues with concern for both you and an elderly parent:

Ask about financials.  It’s a difficult decision to have, but you need to talk with your aging parent(s) about their finances in very specific terms, so you know what you’re facing.

Get advice.  Seek input from a California estate planning attorney, elder law attorney, tax consultant and/or financial planner before making any decisions.

Determine if you want to help.  Whatever your relationship has been in the past, assess how willing you are to help an aging parent.

Get the whole family involved.  Caring for an aging parent is a family issue, so involve siblings, grandchildren and other family members so you don’t have to take on this burden alone.

Focus on the present.  If you have not had a good relationship with your financially struggling parent, try to focus on the present instead of living in the past.

Consider long-term consequences.  Consider both the financial and emotional long-term consequences of assuming the financial burden of caring for an aging parent.  Involve everyone and establish ground rules.

Share responsibility.  If your aging parent is a spendthrift, insist that they make the necessary sacrifices to make a budget that works for all of you.

Be realistic.  If your aging parent refuses to make the necessary financial sacrifices to keep their home, this may be something you cannot prevent.

Make decisions with your future in mind.  Work with a financial advisor to determine exactly what helping an aging parent will mean for your own savings and retirement plans.

Be prepared to say “no”.  Sometimes the demands of an aging parent seem unfair.  Follow your own conscience in your decision-making.

A California estate planning attorney can help eliminate financial confusion for the elderly and their caregivers as well as help families prepare for asset protection, retirement and health care needs.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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