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.
One of the things your loved ones might want you to clearly understand is their willingness or unwillingness to move from the family home if it becomes difficult for them to handle it themselves. Some seniors relish the idea of living in close proximity with their peers in retirement communities and assisted living facilities. Others don't like the idea at all.
It can be very difficult and confusing to sift through all the laws, regulations and restrictions associated with senior finances and management. Finding a good financial adviser can make all the difference. If you anticipate your loved ones may need Medicaid to cover the cost of long term assistance, an adviser can help you with transferring assets and liquidating others to pay for some of the costs.
An attorney who deals with senior citizen issues can also be a great resource. This professional can review legal documents such as wills, deeds, and titles to make sure they are in order. If you believe that a power of attorney will be necessary at some point, an experienced lawyer can help you fill out the forms and file the paperwork.
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.
One of the things your loved ones might want you to clearly understand is their willingness or unwillingness to move from the family home if it becomes difficult for them to handle it themselves. Some seniors relish the idea of living in close proximity with their peers in retirement communities and assisted living facilities. Others don't like the idea at all.
It can be very difficult and confusing to sift through all the laws, regulations and restrictions associated with senior finances and management. Finding a good financial adviser can make all the difference. If you anticipate your loved ones may need Medicaid to cover the cost of long term assistance, an adviser can help you with transferring assets and liquidating others to pay for some of the costs.
An attorney who deals with senior citizen issues can also be a great resource. This professional can review legal documents such as wills, deeds, and titles to make sure they are in order. If you believe that a power of attorney will be necessary at some point, an experienced lawyer can help you fill out the forms and file the paperwork.
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.
About the Author:
If you are searching for the facts about elder care financial management CT locals can come to our web pages today. More details are available at http://iffseldercareconsultants.com/about-us now.
No comments:
Post a Comment