Becoming a caregiver for aging parents can be a drain emotionally, and it can carry financial ramifications both for parents and for the caregiver children. The decision to care for aging parents often arises from a place of love and duty, but it also brings forth a myriad of challenges that can be overwhelming. Helping you understand and manage these potential issues can provide you with clarity, support, and peace of mind.
We have a checklist that covers a number of financial issues to consider when faced with helping and potentially caring for aging parents, including:
- Examining your parents’ finances to determine their ability to manage their own expenses.
- Accessing your parents’ important documents, such as any estate planning documents.
- Collecting the names and contact information of the professionals your parents use (attorney, financial advisor, accountant, etc.).
- Assessing the need for long-term care, and ways to cover the cost – such as Medicaid planning or a reverse mortgage.
- Ensuring your parents’ beneficiary designations on insurance policies and retirement plans are up to date, and reflect your parents’ wishes.
- Ensure your parents’ tax situation is in order, including managing capital gains/losses, as well as fully utilizing any deductible medical expenses.
Overall, it’s helpful to have a handle on all of your parents’ assets, liabilities and related financial issues, as a time may come when they are unable to manage their own affairs.
At Bautis Financial, we’re here to support you as you navigate the complexities of caring for your aging parents. Our team is happy to provide you with guidance and the resources you need to make informed decisions and ensure the well-being of your loved ones. You’re welcome to schedule a complimentary consultation to learn more below.
