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.
You may feel uncomfortable asking parents for personal information about their finances and financial resources. It is necessary however, and if it is done with respect and care, any initial discomfort should dissipate fairly quickly. As a caregiver, you need to know what kind of shape your parents finances are in, what assets they have and how they are titled, and whether or not they have long term health care insurance.
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.
Unless you are very familiar with estate planning and tax laws, you could benefit from the services of an experienced financial adviser. This individual will know how best to protect your parents' assets and, if necessary, the most efficient way to liquidate them. A professional can advise you on the process of transferring title out of a parent's name in a way that is both legal and ethical.
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.
Knowing where legal documents are located will make it much easier for you to help your parents in an emergency. You should have access to their medical records, and to do that, your parents will have to name you on all the appropriate doctor and hospital forms. Many seniors do their banking and other transactions online, and you need a list of all their passwords for your files.
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.
Hopefully, your parents will live long, happy, and healthy lives and be able to manage their own affairs until the end. If not, you should take some simple steps to make the transition of responsibility go smoothly. You will all be glad you did.
You may feel uncomfortable asking parents for personal information about their finances and financial resources. It is necessary however, and if it is done with respect and care, any initial discomfort should dissipate fairly quickly. As a caregiver, you need to know what kind of shape your parents finances are in, what assets they have and how they are titled, and whether or not they have long term health care insurance.
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.
Unless you are very familiar with estate planning and tax laws, you could benefit from the services of an experienced financial adviser. This individual will know how best to protect your parents' assets and, if necessary, the most efficient way to liquidate them. A professional can advise you on the process of transferring title out of a parent's name in a way that is both legal and ethical.
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.
Knowing where legal documents are located will make it much easier for you to help your parents in an emergency. You should have access to their medical records, and to do that, your parents will have to name you on all the appropriate doctor and hospital forms. Many seniors do their banking and other transactions online, and you need a list of all their passwords for your files.
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.
Hopefully, your parents will live long, happy, and healthy lives and be able to manage their own affairs until the end. If not, you should take some simple steps to make the transition of responsibility go smoothly. You will all be glad you did.
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