Elder Care: Parents Need Their Children’s Help

Elder Care: Parents Need Their Children’s Help

Posted on September 22, 2014 by ElderCare Resources in Blog, Education, Financial Services, Long Term Care Information

Taking care of one’s aging parents can be emotional and expensive. Considerations for seniors and elderly should not be taken lightly when considering how their care will be provided for. There are many considerations surrounding elder care. Here is a short video with sound advice on how children of senior and elderly parents can start planning along with a checklist of what you need to know:

Related: Senior Parents And Adult Children: The Money Talk

Now it’s time for the conversation to take place.

Related: Tough Choices For Sandwich Generation: Supporting Children and Senior Parents

Consider this checklist when discussing your parent’s financial affairs:

  • What are your parents assets?
  • Do you know where their income comes from?
  • Which of your parents own what assets?
  • What are your parents bills and liabilities?
  • What planning have your parents done for elder care?
  • Have your parents purchased long-term care insurance?
  • Does your parents want to stay in their own home or downsize?
  • Do your parents feel that they are becoming a burden to you?
  • Have your parents consider alternative living options such as assisted living?

Related: Avoid Eldercare Crisis Planning