A lot of adult Connecticut children end up becoming caregivers for aging parents. In most families one child has the primary responsibility with input from other siblings and close family members. If you are the one charged with the day to day decisions concerning parental care, you may sometimes feel overwhelmed by the duties you have taken on, including the elder care financial management CT adult caregivers provide.
It is sometimes uncomfortable for adult children to assume a leadership role with their parents. Asking personal questions about finances, assets, and resources can be awkward and stressful, but it is necessary. You will need to know whether or not your parents have long term health insurance for instance. Where their income is coming from and what assets, such as IRAs or mutual funds, they have is important.
What you want for parents is important, but what they want for themselves is even more so. Many seniors get angry and frightened at any mention of them moving from their home and the neighborhood they know. Others like the idea of relocating to a retirement community or having the conveniences and safety associated with assisted living. You should strike a sensible balance between what you think best and your parents wishes.
Unless you are very familiar with estate planning and tax laws, you could benefit from the services of an experienced financial adviser. This individual will know how best to protect your parents' assets and, if necessary, the most efficient way to liquidate them. A professional can advise you on the process of transferring title out of a parent's name in a way that is both legal and ethical.
A lawyer with expertise in elder care management can be a wonderful resource. This is someone who can help you make sure all legal documents are in place and clearly understood by everyone. If your parents don't have a will, this professional can assist them in creating one. At some point, you may need to have power of attorney, and you should know exactly how the process works.
You need to know where all your loved one's pertinent documents are kept and have copies made if necessary. This not only includes wills, titles, deeds and banking information, but passwords as well. You should be named on your parent's health forms so doctors are able to give you personal information about your loved one's care.
If you have been appointed the primary caregiver for a loved one, you need to consider how your own finances might be impacted. You may have to take time from work or travel in order to attend doctor's appointments and meetings with advisers. It is a good idea to assess the situation in the beginning rather than later on.
Most aging parents want to be as independent as possible for as long as possible. As their child and the primary caregiver, you may have to walk a fine line. You will have to learn how to respectfully do as much or as little as they need and want.
It is sometimes uncomfortable for adult children to assume a leadership role with their parents. Asking personal questions about finances, assets, and resources can be awkward and stressful, but it is necessary. You will need to know whether or not your parents have long term health insurance for instance. Where their income is coming from and what assets, such as IRAs or mutual funds, they have is important.
What you want for parents is important, but what they want for themselves is even more so. Many seniors get angry and frightened at any mention of them moving from their home and the neighborhood they know. Others like the idea of relocating to a retirement community or having the conveniences and safety associated with assisted living. You should strike a sensible balance between what you think best and your parents wishes.
Unless you are very familiar with estate planning and tax laws, you could benefit from the services of an experienced financial adviser. This individual will know how best to protect your parents' assets and, if necessary, the most efficient way to liquidate them. A professional can advise you on the process of transferring title out of a parent's name in a way that is both legal and ethical.
A lawyer with expertise in elder care management can be a wonderful resource. This is someone who can help you make sure all legal documents are in place and clearly understood by everyone. If your parents don't have a will, this professional can assist them in creating one. At some point, you may need to have power of attorney, and you should know exactly how the process works.
You need to know where all your loved one's pertinent documents are kept and have copies made if necessary. This not only includes wills, titles, deeds and banking information, but passwords as well. You should be named on your parent's health forms so doctors are able to give you personal information about your loved one's care.
If you have been appointed the primary caregiver for a loved one, you need to consider how your own finances might be impacted. You may have to take time from work or travel in order to attend doctor's appointments and meetings with advisers. It is a good idea to assess the situation in the beginning rather than later on.
Most aging parents want to be as independent as possible for as long as possible. As their child and the primary caregiver, you may have to walk a fine line. You will have to learn how to respectfully do as much or as little as they need and want.
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