Far too many families avoid talking about the process of estate planning and many people don’t even have a basic will. Problems may emerge when people are suddenly thrust into a position of managing someone’s care or organization of documents after an incapacitating event or death. Far too many people don’t realize that they are anticipated to be the primary caregiver for their aging parents.
Taking care of parents in old age can be an unexpected surprise that interrupts your savings. A recent study completed by Bay Alarm Medical showed that 55% of parents anticipate that their children will be the ones caring for them. This could lead parents to avoid taking on critical planning opportunities such as purchasing long term care insurance, relying on children instead.
But an adult child who does not know that he or she is going to be asked to step into this role will have significant disruptions in their life. These parents anticipate that their adult children will take care of them financially and physically. In certain areas of the United States, adult children were less likely to realize that they were the ones responsible to step in in this role.
For example, in the Midwest, only 36% of adult children anticipated that they would be the ones caring for their aging parents. Sitting down and talking through these difficult topics with your loved ones can make it much easier to navigate problematic situations as they emerge.
An estate planning lawyer can help you accomplish your own estate planning and see what options are available for helping your aging parents.