Elderly Care - 5 Things Every Adult Child of Aging Parents Needs to Know Now
Jan 20, 2016
This article about elderly care by Michigan estate planning and elder law attorney Nicole Wipp and the Family and Aging Law Center is not legal advice. It is for informational purposes only. For legal advice on your situation, consult with a qualified elder law attorney.
As our population ages, there’s no question: adult children are increasingly needed to assist parents in times of medical crisis or just simply during the normal aging process. Whether you are a parent reading this, or a child of an aging parent, here are FIVE things that every adult child of an aging parent needs to know – RIGHT NOW:
- The Cost of Long Term Care Is Rising. Right now, if a parent needs nursing home care, you are looking at an approximate monthly cost of $8,000 OR MORE each month. Over the next 5 years, this number is expected to increase 15%...and over the next 15 years, FORTY percent.
- Basic Estate Planning Isn’t Enough. Garden variety estate planning, such as revocable living trusts, do NOT protect assets for your parents during their life.
- The “Answers” Are Not Always Clear. Every day, we hear stories of conflicting and bad information about elder law planning. This bad information can – and does – have major repercussions, both personally and financially. Getting good answers is crucial to good decision-making!
- Don’t Make Promises You Can’t Keep. One thing we hear almost every day is, “my daughter/son/spouse PROMISED ME they would NEVER put me in a nursing home." Of course, no one wishes for this to happen. The reality is, however, that it is highly likely that it will happen, because 1/3 of seniors 65 or above will spend a year or more in a nursing home, 1 in 10 will spend 5 or more years, and 70% of seniors will be in a nursing home at some point.
- Make Sure Your Parents HAVE Health & Financial Powers of Attorney…AND That They Are Sufficient For Elder Law & Elderly Care Planning. When a health care crisis occurs, a health care power of attorney isn’t enough…you need financial as well to manage everything. However, we often see powers of attorney that do not adequately contemplate the need for planning for long term care. Make sure, through an elder law attorney, that yours is sufficient!
Listen in as Attorneys Nicole Wipp and Audrey Ehrhardt discuss the issues facing adult children today! (Click the orange button)
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