Some mistakenly dismiss elder law as something with which they need not concern themselves until they personally need help getting by each day. However, at the Elder Law office we work with many local residents on these issues decades before they need care themselves. That is because many adult children are forced to deal with these concerns on behalf of their parents–many of whom have serious health concerns that arise quite quickly. With demographic changes leading to a boom in the elderly population, the need to care for aging parents is catching more and more adult children by surprise. According…
According to MetLife's National Health and Retirement Study, the percentage of adult children spending time and money on their parent's care has tripled in the last decade and a half. This comes as no surprise to me, as I see the rising long-term care costs, the economic downturn, and failure to plan ahead for senior care places. Therefore, many families are in tough situations when a loved one ages and needs extra day-to-day care. The MetLife data found that roughly a quarter of all adults are currently providing at least some financial assistance to their parents. A similar survey from…
A past New York Times article on how care coordinators can help adult children face a challenge which often seems overwhelming, both emotionally and mentally, and is always stressful: the job of caring for an elderly parent. The Times article described the caring challenge as follows: There are diagnoses to decipher, housing issues to consider, health aides to vet and a raft of legal documents to complete. It can seem overwhelming, even when families are in complete agreement on how to care for an elderly relative. And often they are not. But a care coordinator can buy you time and…
If you are a parent of an adult child, especially a recent college grad, you may be challenged to help your kids get on their feet financially – especially in today’s tough job market. While most parents are quick to put their kids’ needs first, it’s only prudent to do so in ways that won’t jeopardize your own retirement funding. For a little guidance, U.S. News and World Reports offers a list of ways in which you can help support your adult children without also ruining your retirement funds. 1. Budget for any support you plan to provide. Develop a…
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