As parents grow older and their ability to care for themselves diminishes, their adult children often feel a responsibility to help. Assessing Mom or Dad’s needs can be complicated territory and difficult questions are sure to arise. Do your parents have enough money to pay for the care they require? If not, can you afford to help them, either financially or as a caregiver? There are also feelings to consider. Parents may resist or even resent offers for assistance, viewing them as an intrusion into their private matters.
So what is the well-intentioned son or daughter to do? Ameriprise financial advisors are available discuss:
- The financial implications of caring for aging parents
- Proactive steps you can take before your parents require care
- Ways to approach this subject with your parents and other family members
- Things you can do now to ensure your own future care needs are covered