If you know you were going to have increased expenses in the future, you would be wise to plan ahead for how you will meet those expenses. This is something people do all the time. Someone who would like to buy a house plans ahead to save the money needed for a down payment.
One future expense many Americans will face is the cost of acting as the primary caregivers for their elderly parents. Older Americans are living longer than ever before, and nursing homes continue to get more expensive. Being the caregiver for an elderly parent is also increasingly common. Americans need to plan for how they will meet the future caregiving expenses, as Kiplinger’s Personal Finance discusses in “Why Families Need a Plan for Caregiving.”
Beyond just having another mouth to feed, caregiving can often come with other expenses, such as helping an elderly parent pay for expensive co-pays for medicine and expensive insurance deductibles. Other expenses can come from making sure that a home is a safe environment for an elderly person who needs caregiving. People should also speak with an elder law attorney to find out what programs might be available for their parents.
It is not possible to know ahead of time, how much money you might need to help an elderly parent or even if you will have to be a caregiver at all. Nevertheless, you can get a better idea of what might be coming up, by talking to your parents ahead of time and making plans.
Reference: Kiplinger’s Personal Finance (May 9, 2018) “Why Families Need a Plan for Caregiving.”
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.
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!
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.
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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!