Adult children of aging Connecticut parents often find themselves taking on the role of caregiver and adviser. If you find yourself in this situation, it may seem overwhelming and stressful. Regular communication with siblings can help ensure that everyone feels involved and included in this difficult process. Among other things, it is important for the primary caregiver to fully understand the kind of elder care financial management CT seniors need.
Taking a leadership role in the family dynamic can be awkward, especially when you have to ask for information formerly restricted to the parents. Done carefully and early in the process, you can navigate sensitive subjects like finances, assets, and income sources reasonably and thoughtfully. Many parents initiate these conversations themselves realizing the importance of providing things like information regarding insurance for long term assistance and the resources they have to cover it.
You want to do the right thing for your loved ones, and to do that, you need to ask questions. Most parents have strong opinions about their living arrangements and may want to stay in the family home no matter what. Others see the sense of moving to a retirement community or into an assisted living facility. It may not be possible to make all their wishes reality, but at least you will know their preferences.
Getting professional advice from a financial adviser is often the best way to make sure you are maximizing your parent's financial resources while staying well inside tax laws and government regulations. If you realize that your loved ones may be forced to get Medicaid assistance at some point, your advisor can assist you with reallocating and liquidating current assets.
An attorney who deals with senior citizen issues can also be a great resource. This professional can review legal documents such as wills, deeds, and titles to make sure they are in order. If you believe that a power of attorney will be necessary at some point, an experienced lawyer can help you fill out the forms and file the paperwork.
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.
While you are in the midst of making financial decisions for and with your parents, you may forget to consider your own. There might be a lot of incidental out of pocket expenses you incur in your role as caregiver. If possible, you should meet with other siblings to come up with a fair solution to this issue.
The last of life is not always easy for seniors or the family members who care for them and try to manage their affairs. Pre-planning can be the key for a successful arrangement. Asking difficult questions early can avoid conflict and tension.
Taking a leadership role in the family dynamic can be awkward, especially when you have to ask for information formerly restricted to the parents. Done carefully and early in the process, you can navigate sensitive subjects like finances, assets, and income sources reasonably and thoughtfully. Many parents initiate these conversations themselves realizing the importance of providing things like information regarding insurance for long term assistance and the resources they have to cover it.
You want to do the right thing for your loved ones, and to do that, you need to ask questions. Most parents have strong opinions about their living arrangements and may want to stay in the family home no matter what. Others see the sense of moving to a retirement community or into an assisted living facility. It may not be possible to make all their wishes reality, but at least you will know their preferences.
Getting professional advice from a financial adviser is often the best way to make sure you are maximizing your parent's financial resources while staying well inside tax laws and government regulations. If you realize that your loved ones may be forced to get Medicaid assistance at some point, your advisor can assist you with reallocating and liquidating current assets.
An attorney who deals with senior citizen issues can also be a great resource. This professional can review legal documents such as wills, deeds, and titles to make sure they are in order. If you believe that a power of attorney will be necessary at some point, an experienced lawyer can help you fill out the forms and file the paperwork.
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.
While you are in the midst of making financial decisions for and with your parents, you may forget to consider your own. There might be a lot of incidental out of pocket expenses you incur in your role as caregiver. If possible, you should meet with other siblings to come up with a fair solution to this issue.
The last of life is not always easy for seniors or the family members who care for them and try to manage their affairs. Pre-planning can be the key for a successful arrangement. Asking difficult questions early can avoid conflict and tension.
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