Topic: finances
Between ages sixty-five and seventy-five (“young-old”), you’re typically independent and clear about what matters most to you. That makes now the ideal time to talk with your family or chosen decision makers about your wishes for your future. Waiting until age eighty-five often means those conversations are driven by crisis, fear, or urgency. Starting as early as you can allows for calm and more thoughtful conversations. …
How can you best prepare ahead of a crisis? Or have things in order ahead of when changes start to become evident? Do your homework and research ahead of your parent needing help. Here are some key areas to consider:
We always advise families and individuals who come to Aging Wisdom for guidance and ongoing support to first get their legal paperwork in order. This is essential.
Legal paperwork: Have you and your parents completed estate planning documents (powers of attorney, wills, and advance directive)? If so, have you reviewed them lately to make sure they still reflect your/their wishes? And Elder Law attorney can help you prepare or review these documents. You can contact us for an attorney referral or you may find an Elder Law attorney here: https://waela.org
Finances: make sure you understand your parents’ financial situation. What is their monthly income? Do they have long-term care insurance? If so, do you understand what it covers? When does it kicks in? If they don’t have long-term care insurance, how much do they have saved to pay for long-term care costs? How many years of care would this savings cover?
If your older loved one is at home and needs support, you can start slowly and start small by offering in-home assistance. Wendy offers some suggestions such as a home care nurse to manage medications, someone to come to the home to prepare fresh, healthy meals, or a professional caregiver to assist a few hours a week.
Sometimes coordinating some regular companionship is helpful too, to address isolation and improve overall quality of life. Social isolation can often happen as mobility and cognition changes. A companion can assist with driving, activities, outings, and engagement.
If you are interested in exploring in-home assistance or engaging a senior care companion for your parent, we can help. Schedule a free, get-acquainted call here to talk with one of our care managers.
Once you’ve decided it’s unwise to give or lend money to adult children—or grandchildren—think through how you want to communicate your decision.
Money is often equated with love. Even if this is a loving decision (e.g., you’ve determined that giving or lending them money is encouraging something unhealthy), how and when you decline is important for the future of your relationship. …
Reluctance to spend money is often one of the top barriers to getting parents the help they need. Money discussions can be uncomfortable, especially with our parents.
Our parents have worked hard. They’ve invested wisely and saved diligently. And now, when they may need it most, they refuse to spend the money they’ve saved on themselves.
This is a common dilemma for many families. A parent who needs and can benefit greatly from support in their home or by moving to a supportive living environment says “No!” to the idea.
We have worked with hundreds of families through the years in similar circumstances. By applying the tips in the blog below, you can thoughtfully open the conversation, soften their hesitation, address their concerns, and take step forward to provide your parents with the care and support they deserve: Parents Reluctant to Spend Money on Their Own Care
Still not sure how to move the conversation forward? We can help! Click here to schedule a get-acquainted call with one of our Certified Care Managers to help nudge to discussion forward.
When an adult child asks for money, it’s hard to say no. You want to respond to a need. But perhaps your child perceives that you don’t need all you have, or that they’re simply requesting some of their inheritance, just a bit early.
Before you answer, ask for time to think it over. You want to make a decision based on wisdom, not emotion. You also need time to discuss this with your spouse, if you have one. …
Are you enjoying a love you never thought you’d feel again? It’s hard to be happy, though, if your children rain on your romance. Are they being selfish? Not necessarily. An in-depth study of “adult stepfamilies” revealed how disruptive it is when a parent gets involved with a new partner later in life. …
Reluctance to spend money is often one of the top barriers to getting parents the help they need. And money discussions can be uncomfortable, especially with our parents.
Our parents have worked hard. They’ve invested wisely and saved diligently. And now, when they may need it most, they refuse to spend the money they’ve saved on themselves.
This is a common dilemma for many families. A parent who needs and can benefit greatly from support in their home or by moving to a supportive living environment says “No!” to the idea. …
Parents Reluctant to Spend Money on Their Own CareRead More »
If you have more than one child, deciding how to distribute your assets among them may prompt some angst: If and how should your will or trust reflect your understanding of their different needs? According to a Merrill Lynch study, two-thirds of parents over age 55 are open to the idea of unequal bequests.
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Much as we would like to imagine an elderhood free from troubles, the truth is, we are all likely to need help eventually. And on several levels. …
At 72, Betsy is doing all the right things to ensure she maintains good health and continues to enjoy physical, emotional, mental, and financial health well into her 80s and beyond. She eats a Mediterranean diet, doesn’t smoke, drinks in moderation, exercises regularly, has adjusted her spending and investments for retirement, goes to regular check-ups with her doctor and gets the recommended health screenings. Additionally, she gardens, spends quality time with family and friends, takes classes, travels, and volunteers. Her life is busy, full, and fun.
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The Power of Planning: Taking Charge of Your Own Aging JourneyRead More »