A recent study funded by the Pew Research Center revealed 20 percent of adult children between the ages of 40 and 60 assist their elderly parents financially. If your parents have fallen on hard times, you need to start thinking about how you can help them in the coming years. Here are a few ways you can support your aging loved ones without going broke yourself.
Have an Honest Conversation
Before you come up with a solid financial plan, you first need to have an honest conversation with your parents. Many older adults are uncomfortable asking for money, but you don’t want to find out your loved ones are overwhelmed with credit card debt years down the road. You can broach the subject by telling your loved ones you want to help out a little bit or asking about their current living expenses. Once your loved ones start to open up, you’ll have a much better idea of how much help they need.
In addition to help with finances, seniors also often require assistance with daily tasks like cooking, cleaning, and personal care. If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Home Care Assistance, a leading provider of elderly home care families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts.
Consider Gifting the Money
Instead of simply paying for certain expenses, you might want to give your loved ones monetary gifts to avoid tax issues. Single adults can gift up to $14,000 a year and married couples can gift up to $28,000 a year without the recipient paying any taxes. If you directly pay for some of your parents’ expenses, you might disqualify them for certain benefits in the future. Those who are unsure of their options should consider working with a tax attorney or elder law attorney.
Another option you have is to give your parents a personal loan. A lawyer can help you draft a loan document that’s legally binding and won’t adversely affect anyone’s finances or credit scores. These loans are a great solution for elderly parents who have high-interest debt from credit cards or medical expenses.
Even if your loved ones’ finances are in order, they may be facing other challenges throughout the day due to changes in health. If your elderly loved one is living with a serious medical condition and needs help managing the tasks of daily living, reach out to Home Care Assistance, a Tucson elder care agency you can trust. Our caregivers are available 24/7, there are no hidden fees in our contracts, and we offer a 100% satisfaction guarantee on all of our in-home care services.
Apply for Government Benefits
There are many state and federal programs designed specifically for older adults who are facing rising living costs. The National Council on Aging is a nonprofit organization that maintains a directory of all local and federal benefits for seniors over the age of 65. Depending on your loved ones’ health and income, they might be able to take advantage of programs for low-cost housing, medicine, and caregiving. Seniors who have served in the military can also contact their local VA center or hospital to see if they are eligible for any benefits.
Set Up an In-Law Apartment
Setting up an in-law suite for your parents could be quite beneficial if they cannot pay their bills. Instead of paying your loved ones’ mortgage or rent, you might be able to add a new room to your home for much less money. This transition could be challenging, but the savings could amount to tens of thousands of dollars each year.
Finances aren’t the only concern for seniors. Health conditions, injuries, and loneliness can significantly impact the way seniors age at home. Aging in place can present a few unique challenges for older adults. Some only require part-time assistance with exercise or meal preparation, while others are living with serious illnesses and benefit more significantly from receiving live-in care. Tucson, AZ, Home Care Assistance are leaders in the elderly in-home care industry for good reason. We tailor our care plans based on each senior’s individual needs, our caregivers continue to receive updated training in senior care as new developments arise, and we also offer comprehensive care for seniors with Alzheimer’s, dementia, and Parkinson’s. To create a customized care plan for your loved one, give us a call at (520) 276-6555 today.