Care of Parents
It's not something you’ve looked forward to, but you knew it might eventually come true. Gradually, through the course of your life, your role has reversed from being cared for by your parents to being their caregiver. You're part of the "sandwich generation" in which you care not only for your children, but also for your aging parents.

Your involvement may be as simple as helping your widowed mother find someone to fix her plumbing or something much more difficult, such as helping move your parents to an assisted-care facility. Your parents may be able to make some of these choices on their own, but don't be surprised if they seek your advice.

When that time comes, be ready to talk about this transition with them honestly and directly. Doing so is easier than trying to guess their needs, resources, and wishes later. It's especially important to understand your parents' financial position so you can steer them in realistic directions.

There will be other new issues to consider: your parents' attachment to their house, for example. As people age, familiar surroundings are important, and most want to stay in their home as long as they can. With proper guidance, it's often possible to redirect funds from various sources to pay for in-home care. If a retirement center is the best option, do they have enough money to make it a realistic one?

In these times, the benefits of long-term planning become more evident. The reality of your parents' situation could be a look into your own future. We can help you direct your parents' investments and savings and then establish plans of your own. A financial professional can also make a big difference during this major life transition.

Learn more about how to Consult a Financial Professional.

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