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As our average population continues to age and increased inflation takes its toll on retirees’ asset levels, children are confronted with the very real possibility of needing to financially care for aging parents. In fact, 28 US states have laws mandating that adult children support their aging parents. This is a discussion of how to financially plan for this.
Family Meetings
Talking about feelings, death, money, and healthcare can be tough for some families but it can be done. The reality is that 70% of people over the age of 65 will require long term care at some point in time. This means that they would not be able to perform basic activities of daily living and would require professional care. You don’t want it to be a huge surprise. If your family is one of the families averse to talking about these things, try to be the advocate to make these happen from a place of love.
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