A parent’s job is to take care of his or her children. Until it is the children’s job to take care of their parents.
The roles usually become reversed. Seventy percent of those over age 65 will need assistance in their senior years.
For that reason, it is important that parents have a talk with their adult children about this issue. It is an issue that both parents and children are probably going to be uncomfortable with. But it must be done, according to an article in the Washington Post.
It is kind of like that talk parents have with their teen children about the birds and the bees, except in reverse.
Here are the things parents need to talk about with their adult children:
* How to pay for the help that is likely to be needed. The median cost of assisted living was $41,000 a year in 2013 while the fee for a nursing home was $83,000. In some areas, it is much higher. In-home care can cost $19 per hour.
* Where do you want to live if you have to move out of your home? Talk through the pros and cons of all alternatives. You may want to stay in your home at all costs, but that may not be reasonable.
*Who will be designated to advocate for your medical needs? Talk about this before there is a medical crisis.
* Set out your end of life instructions.
If you have questions about how you are going to afford care for yourself in your older years, our firm can help. Contact us at (626) 696-3145 for a consultation.
