Parents spend a large portion of their lives looking out for their kids. Even as they enter adulthood, many parents are still a huge source of support for their children. However, there comes a day when the people that always looked out for their children’s best interest may need some help doing the same for themselves.
At some point, many adult children will face the reality of caring for their aging parents, whether it’s in their own home or moving them to an assisted living facility. But before a major life decision is made, it’s important to consider a few key questions.
What Kind Of Care Does Your Aging Parent Need?
If you’ve considered moving an elderly parent or aging relative, you’ll need to ask yourself: what kind of care do they need? Does your loved one have a physical and/or mental condition? What chronic illnesses does he or she have?
It’s important to move them to a place where they can receive the mental and physical care required to keep them healthy. While it can be more cost efficient to have them live with a relative, this option must be given serious consideration. If that relative doesn’t have the proper time or resources, the results could be disastrous. The new living arraignment could put a strain on both parties and end up in a family feud.
Can They Afford To Move?
When considering a move, it’s also critical to think about the financial aspect. You’ll need to take a look at their situation and better understand how they can sustain the costs of long term care. Do they have property to sell that could help subsidize future bills? What kind of care will they need now and in the future? Do they have regular income or social security benefits? If so, how much do they receive each month?
If you decide to move your aging parents into a family member’s home, you’ll need to talk about a financial plan ahead of time. Who will take the burden of added costs? Make sure your family comes up with an agreement about who will contribute and how much.
Will They Thrive In Their New Environment?
Another important question to consider is how well your aging parents will acclimate to their new environment. Educate yourself about programs available in the area for people their age; this will ensure they won’t feel isolated or alone.
If they’re moving a long distance, remember that they’re leaving behind their social network and friends. It can take a long time for someone to adjust to a new lifestyle. Senior centers are a great way for the elderly to stay active and make new friends.
Do you have more questions about mapping out your aging parents’ future?
If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.
As the most experienced CPA in the Inland Empire who specializes in working with seniors, Marcia L. Campbell is committed to helping each client thrive by caring for their personal and financial wellbeing with genuine interest, well-established expertise, and a focus on respectful partnerships. Marcia’s team specializes in a number of services including elder & financial care, court & trust accountings as well as private fiduciary and tax services. At Marcia L. Campbell, CPA, we understand the importance of our clients’ individual needs and are committed to helping them make the best personal and financial decisions for their future.