A lot of adult Connecticut children end up becoming caregivers for aging parents. In most families one child has the primary responsibility with input from other siblings and close family members. If you are the one charged with the day to day decisions concerning parental care, you may sometimes feel overwhelmed by the duties you have taken on, including the elder care financial management CT adult caregivers provide.
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.
What you want for parents is important, but what they want for themselves is even more so. Many seniors get angry and frightened at any mention of them moving from their home and the neighborhood they know. Others like the idea of relocating to a retirement community or having the conveniences and safety associated with assisted living. You should strike a sensible balance between what you think best and your parents wishes.
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.
A lawyer with expertise in elder care management can be a wonderful resource. This is someone who can help you make sure all legal documents are in place and clearly understood by everyone. If your parents don't have a will, this professional can assist them in creating one. At some point, you may need to have power of attorney, and you should know exactly how the process works.
You need to know where all your loved one's pertinent documents are kept and have copies made if necessary. This not only includes wills, titles, deeds and banking information, but passwords as well. You should be named on your parent's health forms so doctors are able to give you personal information about your loved one's care.
In order to help your parents, you may find yourself losing time at work and using some of your own resources to cover costs. This is something you should take into consideration at the beginning of the care giving process. If other siblings are going to help financially, there needs to be a clear understanding of what that will entail.
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.
What you want for parents is important, but what they want for themselves is even more so. Many seniors get angry and frightened at any mention of them moving from their home and the neighborhood they know. Others like the idea of relocating to a retirement community or having the conveniences and safety associated with assisted living. You should strike a sensible balance between what you think best and your parents wishes.
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.
A lawyer with expertise in elder care management can be a wonderful resource. This is someone who can help you make sure all legal documents are in place and clearly understood by everyone. If your parents don't have a will, this professional can assist them in creating one. At some point, you may need to have power of attorney, and you should know exactly how the process works.
You need to know where all your loved one's pertinent documents are kept and have copies made if necessary. This not only includes wills, titles, deeds and banking information, but passwords as well. You should be named on your parent's health forms so doctors are able to give you personal information about your loved one's care.
In order to help your parents, you may find yourself losing time at work and using some of your own resources to cover costs. This is something you should take into consideration at the beginning of the care giving process. If other siblings are going to help financially, there needs to be a clear understanding of what that will entail.
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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