*TITLE HELP, PLEASE*_Becoming A Caregiver For Your Parents Involves More Financial Strain Than Just Dealing With Their Money

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As your parents become older, you may find yourself taking over more of their care, financially, medically and emotionally.

It can be overwhelming regardless of the situation, but particularly for adults who are raising their own children as they watch their own parents’ health disintegrate and their independence slip from their grasp, it can be an emotional chasm.

Supporting your parents, either as an official caregiver or just as a loving and involved child, can bring you face to face with situations you were unprepared for.

When beginning to take control over your aging parents’ affairs, there are a few areas that have financial implications you should be aware of that are often overlooked in the more everyday literature. It’s obvious that knowing your parents’ net worth and their financial profiles will fall into your lap as they becoming increasingly unable to take care of themselves. However, there are other areas of aging that have financial implications.

Driving And Transportation Needs

Assessing a loved one’s ability to drive can be tricky business, and many end up bringing up the issue with their parents’ doctor, subtly begging them to take away their parents’ licenses.

There are, however, ways you can evaluate your parents’ ability to safely sit behind the wheel before you have to face the dire consequences of tiptoeing around the situation, which could lead to car repair bills, insurance bills or medical bills if an accident were to occur.

Source: Caregiverslibrary.org

Daily Care

Likewise, it can be difficult to determine when your parent needs more constant care. While some families discuss plans for assisted living, knowing when to venture into that oft-costly endeavor can likewise be head scratching.

source: Caregiverslibrary.org

Living Situation

Another area that can be financially tedious for families is determining where aging parents are going to live, whether they will remain in their home, what will happen to their home after they pass, or whether an alternative living situation is ideal. Due to variously circumstances, moving may be the most reasonable choice, either because of the level of need the parent requires, desires or financial situations.

FamilyCare America has provided a worksheet to help breach the subject of moving.

Source: FamilyCare America

End-Of-Life Care, Estate Planning

One of the most difficult situations children who care for their parents is breaching the subject of end-of-life care. It’s never too early to start discussing your parents’ final wishes, and in order to eliminate stress for all parties involved, talking earlier – before your parents’ health deteriorates – will help ease some of the stress involved with end-of-life financial concerns.

Source: Caregiverslibrary.org

While these resources can help you begin talking with your parents, know that there are resources available that can help you in your unique situation to plan accordingly. Your own financial advisor, your parent’s financial planners or a family lawyer can each help assess the financial needs and obstacles you may face in the coming years as your parents become older. Remember, you are not alone and there is help available.

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