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 eldercare, 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...