Are you ready to care for your aging parents?

According to a recent poll, almost half of our population have taken no steps, and made no plans, to care for elderly parents or family members. Take notice…the time will arrive for all of us. Realistically, this results in an emotionally charged scramble as a reaction to a parental emergency.

Take some time to prepare for an elderly parent and health issues. Get a handle on legal documents, bank accounts, savings and investment and professional contacts who can help the family gain access to your parents’ financial planning.

Is there a trusted financial advisor who has worked with your aging parents? Most investment strategies will change after retirement. Get an understanding as to resources, and any investment vehicles which may provide retirement income. Investments and stock portfolio, 401(k) or Roth IRA funds, veterans benefits, social security, long-term care insurance and government assistance such as Medicare and Medicaid, are all possible resources to investigate. Last week, I attended a seminar on long term planning…and there are certainly some creative annuity products in the marketplace to assist in generating retirement income.

Can your parents remain in their own home? Or are they interested in moving into a senior community? Once you understand the type of living situation and care level needed, you can set a budget and find sources of income to help pay for elder needs.

Get your family talking and develop relationships with the professionals who can make this otherwise difficult life transition a confident and positive one.
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– John D. Miller is the founder/owner of Home Care Partners, LLC, a Massachusetts business providing private duty, personalized in-home assistance and companion care services to those needing help in daily activities and household functions. He can be reached at: (781) 378-2164; email: jdmiller@homecarepartners.biz ; or online at: www.homecarepartnersma.com

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