If you have senior citizens for parents in Connecticut, you are probably considering how you and your siblings are going to handle the increasing needs your loved ones will have throughout the last years of their lives. If you are going to be the main caregiver, there are certain things you can do to ensure your parent's wants and needs are met with respect and thoughtfulness. This includes the elder care financial management CT advisers suggest.
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.
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.
Finding an experienced lawyer during this time, is also a good idea. This professional can help you make sure wills are current and legally documented. You may need a full or limited power of attorney to enable to you represent your parents on their behalf. Health documents like living wills and health directives must also be put in place if not already handled.
Family members may not have thought to make sure they are included on their loved one's list of individuals approved to receive confidential health information from doctors and hospital staff. In an emergency, it may be difficult to get necessary and vital decision making information. Passwords and the location of paperwork are also important items to have in case of emergency.
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.
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.
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.
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.
Finding an experienced lawyer during this time, is also a good idea. This professional can help you make sure wills are current and legally documented. You may need a full or limited power of attorney to enable to you represent your parents on their behalf. Health documents like living wills and health directives must also be put in place if not already handled.
Family members may not have thought to make sure they are included on their loved one's list of individuals approved to receive confidential health information from doctors and hospital staff. In an emergency, it may be difficult to get necessary and vital decision making information. Passwords and the location of paperwork are also important items to have in case of emergency.
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.
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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