7 Ways to Finance Your Parents’ Elder Care as They Get Older

Day trips and excursions can be a great way of adding interest to the week and help your older relative stay happy and fulfilled, as well as spend time with their loved ones. Likewise, if your parent is receiving 24/7 care or private live-in care, arranging a couple of days out of the house together each week has many benefits.

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As elderly parents. a parent’s care, but maintaining communication is crucial. Consider using these tips for improving communication with your siblings during a family disagreement: Ideally, Also, consider doing this with some older clothes. free travel , but they’re run by businesses aiming to make a profit.

Let your parents know that you sympathize with their predicament and will support them in any way they would like. The one thing not to do in this circumstance is take sides. As our parents age, they are trying to be at peace with their lives.

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Your parents can do this when they are relatively healthy. Once they get older and not as healthy, it will be a pain for them to travel between US and Thailand. My parents are now at the age where they hate long international flights and such flights are very uncomfortable and taxing on their health.

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Finances can also get off track because your aging parents don’t have as much money as they used to. They may be too proud or independent to let you know. Retirees often experience a decline in income and assets, which can be due to the loss of a spouse, inflation, poor spending habits and inappropriate investments .

10 Financial Questions to Ask Your Parent. Have they named a durable power of attorney to manage their finances? The first step is to find out if they have named a Durable Power of Attorney (POA). Without a POA in place, you’ll have to go to court to get guardianship of your parent in order to access accounts on their behalf.

Transfer Assets Early. If your parents have a large nest egg, one way to get around estate taxes is for them to start giving gifts before they pass away, says Ulrich. Under current internal revenue service law, your parents can give gifts of up to $26,000 each to one or more people tax-free each year.