My parents can’t manage alone anymore. What should I do?

My parents can’t manage alone anymore. What should I do?

By Floyd Miller

 

 

 

Are one or both of your parents havinghealth problems, suffering mental lapses, or just slowing down with age? Do youfind they can’t manage on their own anymore? If so, you’ll want to consider thevarious living arrangements that are available to older individuals. Before youbegin, however, you’ll want to talk to your parents and siblings. Sometimes the best option is to have yourparents move in with you. That way, you avoid having to use yourparents’ assets to pay for a nursing home or other facility. Youwon’t have to worry about your parents potentially receiving inadequate carefrom strangers. And your parents will probably appreciate the gesture of loveand self-sacrifice on your part. However, the cost of feeding, clothing, andcaring for your parents can be high, especially if you’re forced to give up ajob to be home with your parents. And don’t underestimate the emotional andpsychological impact. {{more}} What if your parents’ care is more thanyou can handle? You may then wish to consider some type of assisted-livingarrangement. The broad term “assisted living” encompasses a range offacilities and services designed to help seniors who can’t live independently.The assistance provided may be short- or long-term and may focus on socialservices, medical care, or some combination of the two. Depending on yourparents’ conditions and needs, one or more of the following assisted-livingarrangements may be worth considering:NursinghomesAssisted-livingcommunitiesContinuingcare retirement communitiesAlzheimer’s/dementiacare specialty facilitiesRetirementcommunitiesActivesenior communitiesHomehealth careHospicecareAdultday-care services And don’t be afraid to talk to a socialworker, your parents’ physicians, or other professionals. They can offer yousupport, and recommend solutions that best meet your parents’ needs. Securities and investment advisory servicesoffered through FSC Securities Corporation, member FINRA/SIPC and a registeredinvestments advisor.Prepared by Broadridge Investor CommunicationSolutions, Inc. Copyright 2014