Rely on FAI to help you care for your aging parents.
It’s troubling to see our parents grow older and require more assistance. They may be determined to retain their independence while you’re focused on keeping them safe and protected. There are so many things to take into consideration and so many decisions to be made. Turn to FAI for help. At FAI Wealth Managment, we can provide sound proactive financial guidance and estate planning, as well as assistance in locating reputable in-home care solutions, retirement communities, assisted living facilities, or skilled nursing care as needed.
Health, finances & future care for our aging parents
Healthcare issues take the forefront.
As our parents grow older, negative health events become more likely. They may be gradual or sudden, but the impact means life will never be the same for them or for you. If your parents have reached the age of 70, it’s time to have a conversation with them about what to do should their mental or physical condition begin to decline. What are their wishes? Are legal documents in place to help coordinate their medical care? Often, families delay this conversation until a triggering health event occurs. Adult children are then left to make difficult decisions with little or no information about what their parents want or what their financial situation can support. Preparing in advance for the inevitable health changes that come with aging make it far more manageable for everyone involved.
Let’s talk about finances.
Money talk with family members can be difficult, and more so if the topic has never been discussed before. Parents may feel ill at ease talking about their financial situation, particularly if they think they are not as prepared as they would like to be. At some point, it’s likely that your parents will need help managing their finances. How will you know when that time has come? Have they designated a power of attorney? Do they have wills and estate plans in place? Having the “money conversation” and creating a strategy before a crisis occurs will reduce your stress in the future.
Planning for future care.
Depending on your parents’ needs, proper planning may enable them to continue living independently longer. Is aging in place an option? If so, what kinds of age-proofing adjustments will need to be made to their home and what are the costs? Even if aging in place is the plan, your parents' current home may prove too costly to maintain or impractical to modify as their needs change. What types of living arrangements are available that suit their financial constraints? Do they have long-term care insurance? With so many possibilities and so much as stake, it’s smart to think ahead.