When Life Turns on a Dime, Do You Have a Plan for Your Elderly Parents?
A co-worker got a call from emergency services yesterday that her mom was being transported to the hospital as she had fallen. This morning, that same co-worker’s mother in law was also transported to the hospital (a different hospital, a different city) for serious pain. As we get older, so do our parents. This is a subject many families avoid as it is not pleasant, but what if additional elder care is suddenly needed for these two highly independent women who both live alone in their own homes? Years ago, it was often assumed that the stay-at-home adult child (usually the daughter) would take care of the parents and multi-generational households were common in many cultures. Now, with careers, single parenthood, distance (children living in other states), financial issues, family dynamics and more, it is not so cut-and-dried. Have they planned for elder care? What kind of arrangements? What kind of financing? Often these decisions are made in moments of crisis - wouldn’t it be wonderful if instead there was a plan in place that could be executed in case of emergency? Or a “soft landing” that could be glided into in stages? These are the difficult conversations that might be held with a financial advisor, who may have a team of professionals to call upon such as elder care attorneys and more. The time to start planning is before the crisis occurs. When life turns on a dime, will you know what to do? Ask for help before you need it.
This information is provided for general educational purposes only and not as specific advice for any individual.
Seek professional assistance before taking any action in regard to your finances.