As our parents and loved ones grow older, families must deal with many issues. These problems and solutions may not always be easy to face. Here are some considerations:
The Aging Process. As people grow older they sometimes have difficulty in making decisions, suffer short-term memory loss and may have a fear of abandonment by their family. In addition, there is sometimes a loss of independence and dignity – they may have physical and emotional problems.
Sibling Rivalry. Often there is one sibling who will care for the parent. This raises issues of compensating the caretaker and sometimes produces guilt for being unable to care for the parent. It is important for siblings to recognize their responsibilities for caring for the parent or family member. One of the best things to do is to come to an agreement before the care is required.
Long-Term Care. Sometimes it is necessary to consider long-term care options, which can be very expensive for a family. Some options are long-term care insurance and Medicaid. The types of long-term care also vary, depending upon the level of care that may be required. The level of care required may range from in-home care to a retirement home to full-time nursing care.
Finances. It is important to know what income and assets a parent or family member may own or be entitled to receive. If you are taking care of the parent or family member, you will need this information to evaluate the care options available. In addition, if you are managing the finances it is important to remember that the types of investments for an aging person are different than those for younger generations.
Estate Planning. It may be difficult for you to convince your family member that they need estate planning. One solution is to obtain independent counsel for your family member. There are different tools available for estate planning. A revocable trust is a good tool because it avoids the probate process and provides protection in the event of incapacity. Other tools that are valuable are a durable power of attorney and an advance directive for medical decisions. Sometimes people transfer their assets so that the asset is owned jointly with one of their children or a family member; however, that can create problems with control and the accountability for the withdrawal or the use of assets.
