By: Jessa Fannin, CRPC®
Nearly 10 million adult children over age 50 care for an aging parent, according to a MetLife study[i] measuring the financial costs and sacrifices of family caregiving. It is a calling most feel compelled to answer. But the stress, lost income and depletion of assets can have lasting impacts, according to Lisa Walls, CFP®, Financial Advisor at Hamilton Capital Management.
“We have clients who now live out-of-state. We’ve worked with them for nearly 20 years,” said Walls. “Dad was a long-time banking executive who now suffers from Parkinson’s Disease. His wife has Alzheimer’s.” Their circumstances are, unfortunately, not unique – but their family situation is. “They have 11 adult children!” explains Walls. She points to these clients as an example of how the family divides up responsibilities. “One child deals with communicating with us, and working through the financial planning involved with the decision to move into a retirement facility. One child deals with the retirement facility personnel. One deals with the long-term care insurance provider. One or two deal with the medical team,” Wall said.
Most of us don’t have 10 siblings, but we can divide responsibilities among various family members and friends. And that’s just one step in the process Walls recommends:
- Begin the dialogue
- Get financial records in order
- Review the estate plan
- Consider health care issues
- Identify the care team
“These steps take time, and everyone will be much better off to begin early,” said Walls. “Ideally, that’s before there is a health crisis or cognitive decline issues.” Preparing a plan in advance of a health event or memory issues will allow parents and adult children to work together to address everyone’s needs.
The MetLife study calls elder financial abuse the “Crime of the 21st Century.” Seniors lose more than $2.9 billion per year to financial exploitation, primarily between the ages of 80 and 89. With more than 30 years of financial planning experience, Walls has developed recommendations that will help protect you and your family from this type of crime.
Hamilton Capital Management’s Women’s Exchange invites you and your family to attend “Caring for Aging Parents” on November 3rd from 5:30-7:30 p.m. at the Franklin Park Conservatory to help you Begin the Conversation. Walls will provide information and advice to develop a plan – whether you are the parent, or the child. Followed by Walls, Kathleen Carmody, President of Senior Matters Home Health Care will discuss ways to provide seniors with the best solutions to fit their needs – financially, emotionally and physically. Her mission is to provide seniors with the best quality of life possible with the input and resources available.
The presentation is intended to outline issues to begin thinking about, whether you are the senior or the adult child. Our goal is to highlight the importance of beginning a dialogue and to consider doing some planning before an urgent need arises. For more information, or to register to attend Hamilton Capital Management’s “Caring for Aging Parents,” click here. We look forward to seeing you at the Franklin Park Conservatory on November 3rd!
[i] The MetLife Study of Elder Financial Abuse, June 2011
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Hamilton Capital Management, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Hamilton Capital Management, Inc. is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice.