It is a fact of life that parents advance in age and often need assistance from their kids. If you have parents who are elderly, you already understand this. Perhaps you do not know exactly how to care for their needs and ensure they have protection as they grow older, though. There are a few key concerns that every child of an aging parent should be aware of in order to protect their parent.
Aging entails a number of medical and legal implications, so you should help your parents plan in advance for these considerations. Read on for more information on how to make these plans effectively.
1. Plan estate details
According to Forbes, one of the most common mistakes of estate planning is relying solely on a will. Your parents may have a will or trust outlining the basic plan for their estate, but this is often insufficient, and it may even be out-of-date and inaccurate. You should help your parents create an up-to-date and comprehensive estate plan specifying their wishes for their estate.
2. Arrange living situations
As your parents age, you will also need to determine what living situation is best suited to their needs. If they require medical assistance and help with daily tasks, an assisted living facility may be an option, or you may consider having them move in with you. Regardless of how you choose to proceed, you should have a plan in place and understand that it may change if your parents’ needs change.
3. Determine further steps
Aging often coincides with the appearance of health problems that may worsen with time. You should work with your parents to make a plan for addressing any such health problems and ensuring that they take any other necessary steps. If your parents need special treatments or help with medication, you should make arrangements to ensure this is taken care of.