How to Preserve Assets When Caring for an Elderly Parent

Of all of life’s milestones, the transition from child to caretaker can be one of the most difficult and disorienting. While helping a parent navigate the last chapter of life, there are many tough choices to make regarding their health and well-being. These decisions can be overwhelming, but equally important is financially planning for this life transition.

Here are some important steps to take as your parents begin to age.

Know the Risks and Get Protection

Before making any financial plans for your elderly parents, you should make sure that their assets are protected. Financial scammers often target the elderly, taking advantage of mental decline or a lack of technological fluency. Skilled con-artists operate sophisticated operations that can often fool even the most vigilant victims. 

Wealth advisors can help simplify investments and spending plans. This can make financial management easier for the elderly, helping expose signs of fraud if it does occur. A wealth advisor can also help point customers to useful tools like credit monitoring, which can help protect them against fraud. 

Plan Ahead for Costly Care

Even if your elderly parents are in good physical and mental health, there’s always a chance that it could begin to deteriorate in the years to come. Long-term care is expensive and can quickly eat away at life savings. A wealth advisor can help devise ways to protect your parents’ assets and preserve them, even if they do wind up needing long-term care.

Invest in Estate Planning

For anyone who has assets, estate planning is critical in every stage of life. For the elderly, estate planning is especially important to determine who controls their assets once they are unable to themselves. Estate planning goes beyond just having a will. It also includes creating things like a living will or a trust. It can also help establish a power of attorney in the event of a medical emergency. 

Protecting Yourself

Being a caretaker can sometimes be a financial burden. Caring for an aging parent may require you take time off work or chip in for some unexpected expenses. A wealth advisor can help you prepare for these financial shocks and carefully guide you in the transition toward becoming a caretaker. 

Do you need help planning for your parent’s golden years? Contact us today to get started!

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