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Elderly Parents More Costly Than Kids, Elder Law Attorney, Woodstock, GA


New data has revealed that it is now more costly for families to care for elderly parents than it is for them to raise children.

Everyone knows that kids are not cheap. To raise a child from infancy to high school graduation puts enormous strains on families.

New government data has recently revealed that the average family spends $234,000 to raise a child to the age of 17. While that might seem like a lot, it is nothing compared to the costs of taking care of an elderly person.

The average cost of just four years of long-term care for an elderly person is $140,000, according to Forbes in “Families Spend More To Care For Their Aging Parents Than To Raise Their Kids.”

As the article points out, parents receive a lot of government support to help offset the costs of raising children. The support comes in the form of tax credits and exemptions, in some cases. Lower income families receive support in other ways, such as food stamps and free school lunches.

While there is some support for taking care of the elderly because of Social Security and Medicare, there could be a lot more. Medicaid only pays for the long-term care of elderly people who do not have assets.

Families need to be aware of the high cost of caring for the elderly, so that they can plan accordingly. Money needs to be saved to cover the potential costs.

It might also be a good idea for elder advocates to use this data to argue for more support for families who care for their elderly relatives.

Reference: Forbes (Jan. 18, 2017) “Families Spend More To Care For Their Aging Parents Than To Raise Their Kids.”

 

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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben