Today we're welcoming Deborah M. Higgins, president of Higgins Capital Management Company. She will be writing a monthly blog post on the financial decisions now needed for older adults and particularly adult children now or planning to care for their parents and their own families.
With life expectancy rising, more and more of us are faced with elderly family members that need our help. I read recently that there are over 10 million adult children over 50 who are caring for aging parents. Many of us (if lucky) have just gotten our adult children out and on their own and are now faced with the caring of our parents or a combination of the two. Taking care of aging parents is one of life’s toughest responsibilities. Most of our parents are independent and fiercely fight to maintain that independence, even when it is no longer in their best interest. Dealing with aging parents is an adjustment for everyone involved and takes a toll emotionally, legally and financially.
I have worked as a financial advisor for close to 30 years. More and more of financial planning now includes not only retirement planning, but also the element of adult care planning. You have to look at the “big picture.” This can be daunting and leave you feeling overwhelmed.
In writing this monthly blog, I will address the financial planning aspects of caring for aging parents. The first thing you need to do is evaluate your parents’ needs and wishes. A great way to start is to talk with them and determine “what you’re dealing with.”
A checklist will give you an analysis of what you know and what you need to find out. I have included a checklist to get you started on the right path.