{"id":5643,"date":"2018-01-06T16:30:58","date_gmt":"2018-01-06T22:30:58","guid":{"rendered":"https:\/\/tampaseo.expert\/focus\/?p=5643"},"modified":"2018-01-06T16:30:58","modified_gmt":"2018-01-06T22:30:58","slug":"financially-caring-aging-parents","status":"publish","type":"post","link":"https:\/\/tampaseo.expert\/focus\/2018\/01\/06\/financially-caring-aging-parents\/","title":{"rendered":"Financially Caring for Aging Parents"},"content":{"rendered":"

The admonition to honor parents can be found on numerous occasions in the pages of\u00a0Scripture (Exodus\u00a020:12, Deuteronomy\u00a05:16, Matthew\u00a015:4, Ephesians\u00a06:2).\u00a0The attitude on the part of grateful children should solidify\u00a0the desire to more than comply with the exhortation.\u00a0\u00a0<\/span>
\nThere is a debt that is owed on the part of those of us who were reared\u00a0to adulthood by loving and caring parents.\u00a0The average cost to rear\u00a0a child to age eighteen in today\u2019s dollars is approximately $275,000.\u00a0If interest were compounded,\u00a0it would be difficult if not impossible for many of us to repay the initial financial debt we incurred.\u00a0That financial portion does not begin to compare to the investment of time, care, compassion, and direction for our lives.\u00a0Those debts were\u00a0all\u00a0paid in full by love.\u00a0We often have an opportunity later in life to help our parents with their finances.\u00a0\u00a0<\/span>
\nWe live in a world and a time where financial decisions can be complex and often confusing.\u00a0As parents age,\u00a0it becomes even more important that certain monetary decisions be wisely formulated.\u00a0The elderly are often a target for financial scams\u00a0prompting children to become more involved\u00a0as aging can\u00a0increase the possibility of\u00a0confusion.\u00a0<\/span>
\nParents are sometimes reluctant to release information about their finances to their children.\u00a0The failure to do so can become particularly problematic\u00a0once\u00a0dementia sets\u00a0in or other issues arise that demand a need to handle financial matters.\u00a0Something as simple as paying bills can become an ordeal.\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>
\nIt is important for a number of reasons for there to be a single place where financial information is kept and available to be accessed.\u00a0Physical sickness, a change in mental capacity, and death are all circumstances that mandate a need for others to be able to quickly know the state of the finances.\u00a0Many options exist to place this information in\u00a0some form of a\u00a0financial portal.\u00a0<\/span>
\nThere is also a need to make sure financial accounts allow access to the proper people especially in times of\u00a0sickness, emergency,\u00a0and even death.\u00a0Failure to set up accounts correctly has resulted in accounts\u00a0being\u00a0\u201cfrozen\u201d for days, weeks, and months,\u00a0rendering\u00a0funds\u00a0limited in\u00a0their access.\u00a0It is needful to know the difference between \u201cand\u201d and \u201cor\u201d when it comes to ownership and access to accounts. POD (payable on death) is another method used to transfer access at death.\u00a0It is wise to seek legal counsel as to the use of power\u00a0of attorney regarding financial issues.\u00a0\u00a0<\/span>
\nProperly drafted wills and trusts are a benefit and blessing for a variety of purposes.\u00a0Wills need to be updated as circumstances change.\u00a0It is unfortunate that many people do not have wills or have wills that have not been updated in many years.\u00a0\u00a0<\/span>
\nA major financial matter is where aging parents will live. It is no surprise that studies reveal that 90% of those considered elderly prefer to live in their own place of residence as long as possible.\u00a0Health and other issues often eliminate this possibility. Nursing care is expensive.\u00a0The average annual nursing home charge in 2011 was $77,745.\u00a0Assisted living is an alternative in some cases.\u00a0The average annual cost in 2011 was $39,135.\u00a0\u00a0<\/span>
\nSome parents have planned ahead and purchased long term care insurance.\u00a0These policies need to be accessible and understood.\u00a0Many people are not aware of the differences in Medicare and Medicaid.\u00a0These are areas that need attention well before the need for either exists.\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>
\nA question that often arises\u00a0involves a transaction to put a house the parents own in the children\u2019s names to avoid \u201closing\u201d\u00a0it if the parents need to reside in a nursing home or similar long-term care facility.\u00a0Two important considerations should preface such a decision.\u00a0There could be some significant negative income tax implications when transferring a residence to children. There can also be problems if property is transferred\u00a0within what is considered the \u201clook back\u201d period for Medicaid eligibility.\u00a0\u00a0\u00a0\u00a0<\/span>
\nCaring for aging parents is a privilege and not a burden.\u00a0Financial\u00a0decisions have to be made\u00a0in a complex financial\u00a0environment.\u00a0Children are wise to gently offer their aid and assistance.\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The admonition to honor parents can be found on numerous occasions in the pages of\u00a0Scripture (Exodus\u00a020:12, Deuteronomy\u00a05:16, Matthew\u00a015:4, Ephesians\u00a06:2).\u00a0The attitude on the part of grateful children should solidify\u00a0the desire to more than comply with the exhortation.\u00a0\u00a0 There is a debt that is owed on the part of those of us who were reared\u00a0to adulthood by […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[52,66],"tags":[1268,1051,1270,909,63],"class_list":["post-5643","post","type-post","status-publish","format-standard","hentry","category-family","category-think-excerpts","tag-aging","tag-feature","tag-january-2013","tag-money","tag-parents","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\nFinancially Caring for Aging Parents - 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