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.
Finding an experienced lawyer during this time, is also a good idea. This professional can help you make sure wills are current and legally documented. You may need a full or limited power of attorney to enable to you represent your parents on their behalf. Health documents like living wills and health directives must also be put in place if not already handled.
Knowing where legal documents are located will make it much easier for you to help your parents in an emergency. You should have access to their medical records, and to do that, your parents will have to name you on all the appropriate doctor and hospital forms. Many seniors do their banking and other transactions online, and you need a list of all their passwords for your files.
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.
Finding an experienced lawyer during this time, is also a good idea. This professional can help you make sure wills are current and legally documented. You may need a full or limited power of attorney to enable to you represent your parents on their behalf. Health documents like living wills and health directives must also be put in place if not already handled.
Knowing where legal documents are located will make it much easier for you to help your parents in an emergency. You should have access to their medical records, and to do that, your parents will have to name you on all the appropriate doctor and hospital forms. Many seniors do their banking and other transactions online, and you need a list of all their passwords for your files.
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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