Are one or both of your parents having health problems, suffering mental lapses, or just slowing down with age? Do you find they can't manage on their own any longer? If so, you'll want to consider the various living arrangements that are available to older individuals.
Option: Moving your parent into your home
Sometimes, the best option is to have your parents move in with (or closer to) you. (Read my recent blog about tax calculation after selling a home). How does this benefit everyone?
- With this option, you avoid having to draw upon your parents' assets (or your own) to pay for a nursing home or other facility.
- You won't have to worry about your parents potentially receiving inadequate care from strangers.
- And your parents will probably appreciate the gesture of love and self-sacrifice on your part.
The drawbacks? The cost of feeding, clothing, and caring for your parents can be high, especially if you're forced to give up a job to be home with your parents. Also, consider the emotional and psychological impact this will take on everyone. Many underestimate its impact.
Option: Assisted living facility
What if your parents' care is more than you can handle? You may then wish to consider some type of assisted living arrangement. The broad term "assisted living" encompasses a range of facilities and services designed to help seniors who can't live independently. The assistance provided may be short- or long-term and may focus on social services, medical care, or some combination of the two. Depending on your parents' conditions and needs, one or more of the following assisted-living arrangements may be worth considering:
- Nursing home
- Assisted-living communities
- Continuing care retirement communities
- Alzheimer's/dementia care specialty facilities
- Retirement communities
- Active senior communities
- Home health care
- Hospice care
- Adult day-care services
Remember to draw upon the guidance and resources of a social worker, your parents' physicians, or other care professionals. They can offer you support, and recommend solutions that best meet your parents' needs.
Robert Coode is ready to help you build and grow a financially sound future. Call him at 440-449-6800 or email firstname.lastname@example.org. Advisory Services offered through Investment Advisors, a division of ProEquities, Inc., a Registered Investment Advisor. Securities offered through ProEquities, Inc., a Registered Broker-Dealer, Member, FINRA & SIPC. Skoda Minotti is independent of ProEquities. Inc.
We invite you to stay up-to-date with the latest business trends, tips and revenue-generating ideas affecting you and your business today by subscribing to the Skoda Minotti Blog or by following us on LinkedIn, Twitter @skodaminotti, and Facebook or simply contact us at any one of our four office locations: Cleveland, Akron, Westlake or Tampa.