A lot of adult Connecticut children end up becoming caregivers for aging parents. In most families one child has the primary responsibility with input from other siblings and close family members. If you are the one charged with the day to day decisions concerning parental care, you may sometimes feel overwhelmed by the duties you have taken on, including the elder care financial management CT adult caregivers provide.
You may feel uncomfortable asking parents for personal information about their finances and financial resources. It is necessary however, and if it is done with respect and care, any initial discomfort should dissipate fairly quickly. As a caregiver, you need to know what kind of shape your parents finances are in, what assets they have and how they are titled, and whether or not they have long term health care insurance.
You want to do the right thing for your loved ones, and to do that, you need to ask questions. Most parents have strong opinions about their living arrangements and may want to stay in the family home no matter what. Others see the sense of moving to a retirement community or into an assisted living facility. It may not be possible to make all their wishes reality, but at least you will know their preferences.
Getting professional advice from a financial adviser is often the best way to make sure you are maximizing your parent’s financial resources while staying well inside tax laws and government regulations. If you realize that your loved ones may be forced to get Medicaid assistance at some point, your advisor can assist you with reallocating and liquidating current assets.
An attorney who deals with senior citizen issues can also be a great resource. This professional can review legal documents such as wills, deeds, and titles to make sure they are in order. If you believe that a power of attorney will be necessary at some point, an experienced lawyer can help you fill out the forms and file the paperwork.
You need to know where all your loved one’s pertinent documents are kept and have copies made if necessary. This not only includes wills, titles, deeds and banking information, but passwords as well. You should be named on your parent’s health forms so doctors are able to give you personal information about your loved one’s care.
In order to help your parents, you may find yourself losing time at work and using some of your own resources to cover costs. This is something you should take into consideration at the beginning of the care giving process. If other siblings are going to help financially, there needs to be a clear understanding of what that will entail.
Hopefully, your parents will live long, happy, and healthy lives and be able to manage their own affairs until the end. If not, you should take some simple steps to make the transition of responsibility go smoothly. You will all be glad you did.
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Author: Jason RobinsonThis author has published 1 articles so far.