Studies are conflicted,
finding that caregiving can harm or help the caregiver. Here's one on the plus
side. A study finds that people who care for a family member live longer than
similar people who aren't caregiving.
Being
the primary caregiver for a family member can be a stressful. But a recent
study indicates that the stereotype of the stressed-out family caregiver at the
end of their rope may not represent the typical experience. As reported by Alabama
Public Radio, only “17 percent of the people surveyed said they had high
levels of caregiving strain, and the majority put in fewer than 14 hours of
care a week.”
Perhaps
even more surprising is the fact that the family caregivers which were part of
the study by the Center on Aging and Health at Johns Hopkins University
statistically less likely to die over
the course of six years when compared to non-caregivers.
The article notes
that while caregiving can be very stressful, it doesn’t have to be the
case. In our experience, talking with
your family openly about the possible need for future care—and having a written
plan in place for that care—can alleviate many of the stresses caregivers face.
Alabama Estate Planning Attorneys Steve Wiggins and Raley Wiggins with Red Oak Legal, P.C. assist clients in Tuscaloosa, Northport, Brookwood, Moundville, Holt, Eutaw, Greensboro, Marion, Centreville, Carrolton, Reform, Gordo, Livingston, Bessemer, Fayette, Jasper, Montgomery, Prattville, Wetumka, Auburn, Millbrook, Pike Road, Union Springs, and surrounding areas. Contact us today at info@redoaklegalpc.com to learn about our free educational workshops on Estate Planning and Asset Protection.
There are many warning
signs that it might be time to step in with parents' finances: dad can’t
remember where he banks, or he struggles to do simple math calculations.
According to the NEFE, 47% of seniors have trouble managing their bills.
This is one of the toughest decisions and conversations that
a grown child can have with their parent.
It’s the moment when there can be no beating around the bush—there is
nothing left to do but to talk with Mom or Dad about the fact that they
shouldn’t be handling their finances any more.
We find that the number one issue for most of our elderly
clients is the desire to remain in control of their own affairs as long as
possible. Sometimes, this desire to remain in control causes people to put off
planning. They feel as though ignoring
the problem will mean that they’ll never have to address it.
But as pointed out in the FoxBusiness article, ignoring the
possibility that you or a loved one may need help with their finances is the
worst thing you can do. Unfortunately, this is the case for many families, and
a survey cited in the article notes that 70% of those surveys responded that
there were “‘major barriers’ preventing families from discussing the issue.”
A simple planning document like a durable power of attorney
can avoid costly court actions when an elderly loved one loses the ability to
handle their own finances. Without a
plan in place, it may be necessary to file a guardianship and/or a
conservatorship action in probate court, a process that is both expensive and
time consuming.
In addition, in Alabama a durable power of attorney can
nominate the person that you would wish to serve as guardian or conservator in
the event that your power of attorney or other estate planning documents fall
short. This means that even if the
probate court has to get involved for some reason, you know that a person of
your own choosing will be handling your affairs.
Alabama Estate Planning Attorneys Steve Wiggins and Raley Wiggins with Red Oak Legal, P.C. assist clients in Tuscaloosa, Northport, Brookwood, Moundville, Holt, Eutaw, Greensboro, Marion, Centreville, Carrolton, Reform, Gordo, Livingston, Bessemer, Fayette, Jasper, Montgomery, Prattville, Wetumka, Auburn, Millbrook, Pike Road, Union Springs, and surrounding areas. Contact us today at info@redoaklegalpc.com to learn about our free educational workshops on Estate Planning and Asset Protection.
"When
they are having trouble understanding bills and writing checks it might be time
to step in, slowly, at the ground level," Kolinsky said adding that if
parents initiate a discussion, the ideal time would be when they are in their
70’s and still healthy.
As children, we depend on our
parents for all our financial needs. And
many young adults (and grown ones too) still seek financial help or advice from
mom and dad. But as with many things in life, the roles may be reversed as
one’s parents become older.
The key to an effective
transition, while preserving the dignity of all involved, is communication.
While you can read the original
article for the detail, the steps are as follows:
Knowing the Right Time to Talk
Framing a Sensitive Subject
Building Trust
Sibling Responsibilities
Maximizing Efficiency
Maximizing Inherited IRA
The basic principle to bear in
mind is that both the elderly parents and the adult children have to assume and
understand their roles. This is key for a family transition to move gracefully.
This means communication, not only between parents and adult children, but
likewise between adult children working together on behalf of the family as a
whole.
Alabama Estate Planning Attorneys Steve Wiggins and Raley Wiggins with Red Oak Legal, P.C. assist clients in Tuscaloosa, Northport, Brookwood, Moundville, Holt, Eutaw, Greensboro, Marion, Centreville, Carrolton, Reform, Gordo, Livingston, Bessemer, Fayette, Jasper, Montgomery, Prattville, Wetumka, Auburn, Millbrook, Pike Road, Union Springs, and surrounding areas. Contact us today at info@redoaklegalpc.com to learn about our free educational workshops on Estate Planning and Asset Protection.