Generation X has grown up to become the "Sandwich Generation" caught between trying to support their children while also caring for an elderly parent. Millions of American adults between the ages of 40 and 59 fall into this personal and financial pressure point that can be exacerbated by rising college expenses and the impact of the recession. Add the demands of career and marriage, and life can quickly become stressful. If parents live a long distance away, the stress and guilt can be even greater.
Quality In Home Care Support
As the Baby Boomers have moved into their elder years, support services have grown to meet their needs and the needs of those caring for them. Many older adults want to remain in their home where they are comfortable and can maintain more independence. Unfortunately, there are risks associated with this situation such as not being able to handle an emergency, forgetting to take medication, and letting personal grooming or good nutrition fall by the wayside. In home caregivers can handle many of these necessities, help provide transportation and companionship.
A caregiver who is the right match for the older adult will encourage them to stay active both physically and mentally. Care at home can range from an aide who provides non-medical care and helps with the Activities of Daily Living to a skilled home health nurse. Having the right level of care for the aging parent provides peace of mind to the family.
Initially, a senior adult may only need a little extra help. It may not be feasible for a family member who lives close by to stop in daily, and of course, this is impossible for the adult child who lives far away. Having a caregiver for half a day a couple of times each week can relieve the stress of cooking, grocery shopping, driving to the hairdresser, and other routine activities.
Caregiver Respite
Even if an elderly adult is being taken care of full-time by a family member, in home care can provide a necessary respite for the family. It is vital that family caregivers find time for themselves to recharge for the emotional demands of caring for others. Trained and screened caregivers can provide a range of services including caring for those just getting out of the hospital or a rehab facility and even tending to those with Alzheimer's or dementia.
It may be difficult to broach the subject of bringing someone new into the home. Approaching this issue with sensitivity and patience is key.
Selasa, 26 September 2017
Senin, 04 September 2017
How to Legally Take Control of Your Elderly Parents Finances
Elderly patients and parents alike need to be handled with care. Elderly people tend to be more sensitive and touchy regarding even the smallest of things. When it comes to finances and management of daily expenses especially, several elderly people are either fleeced or spend more than necessary on basic things. This is primarily a result of dwindling mental strength and lack of attention.
As grown adults, it helps to take control of your parent's finances especially if you notice that they are not being able to manage it properly. Besides making sure that you do so legally, it is also important to ensure that you do it without harming their sentiments. For instance,
Assess bank details
In most families, parents add their children to hold a joint account with banks to ensure safety of funds. However, over the years you may forget who holds the control of which account and to what extent. Before you think of taking complete control of your parent's finances, try to assess the present bank details. If you are already named a nominee or hold the account jointly, it will be easier to change or modify control.
While doing so, discuss the details and your problem with the bank manager. As a financial expert, he will be in a better position to advise you on how to better manage your parent's finances on their behalf.
Some experts may advise you to have your parents hand over total authority to you while others may advise a part control norm. Either way, weigh your options before you plan the next step.
Speak to your family lawyer
Chances are that your parents have already planned their estate distribution and will way before. When you notice that your parents are suffering from age related issues, start talking about your worries with your family lawyer.
The lawyer will be able to guide you and tell you what would be a better way to control or manage finances. If you are worried about your parents losing money due to lack of attention or control in general, it is better to be a signing authority for every financial transaction they make. However, if your concern revolves around just keeping the finances safe for the future even though they are not really wasting money or being fleeced, you may as well take authority in a different way.
Weigh your options
When parents become old, they may suffer from physical problems or mental issues. This is when they need the stable support of a trusted family member. Explore the option of being a power of attorney in this case so you can sign off for any transaction or expense your parents need.
There are several ways to legally manage funds on behalf of someone. You can set up a trust or simply add yourself as a controller to their bank account. Based on the current situation, see what suits your need best.
As grown adults, it helps to take control of your parent's finances especially if you notice that they are not being able to manage it properly. Besides making sure that you do so legally, it is also important to ensure that you do it without harming their sentiments. For instance,
Assess bank details
In most families, parents add their children to hold a joint account with banks to ensure safety of funds. However, over the years you may forget who holds the control of which account and to what extent. Before you think of taking complete control of your parent's finances, try to assess the present bank details. If you are already named a nominee or hold the account jointly, it will be easier to change or modify control.
While doing so, discuss the details and your problem with the bank manager. As a financial expert, he will be in a better position to advise you on how to better manage your parent's finances on their behalf.
Some experts may advise you to have your parents hand over total authority to you while others may advise a part control norm. Either way, weigh your options before you plan the next step.
Speak to your family lawyer
Chances are that your parents have already planned their estate distribution and will way before. When you notice that your parents are suffering from age related issues, start talking about your worries with your family lawyer.
The lawyer will be able to guide you and tell you what would be a better way to control or manage finances. If you are worried about your parents losing money due to lack of attention or control in general, it is better to be a signing authority for every financial transaction they make. However, if your concern revolves around just keeping the finances safe for the future even though they are not really wasting money or being fleeced, you may as well take authority in a different way.
Weigh your options
When parents become old, they may suffer from physical problems or mental issues. This is when they need the stable support of a trusted family member. Explore the option of being a power of attorney in this case so you can sign off for any transaction or expense your parents need.
There are several ways to legally manage funds on behalf of someone. You can set up a trust or simply add yourself as a controller to their bank account. Based on the current situation, see what suits your need best.
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