The Cost of Caring for Elderly Parents



Dealing with the financial stressors of caring for an aging loved one can affect your ability to provide them with the care and compassion they need. It can also put the security of your financial future at risk.


To mitigate these concerns, consider these useful tips to help you make informed decisions about how to protect your future retirement plans while caring for your senior loved one.


Don’t Leave Your Job


Many adult children end up putting their professional lives on hold to become a primary caregiver for their elderly parents. Financial experts advise against this because of the sudden loss of income and valuable benefits. Consider caregiving options that support your ability to maintain your earning potential.


Create a Budget


Review the actual costs of being a primary caregiver before making any drastic changes like leaving your job. Also, consider whether your loved one’s assets can be utilized to cover some of the costs involved in providing care inside or outside the home.


Look for Benefits Elsewhere


Free or low-cost benefits that can help cover some of the costs of caregiving, such as home health aides, are often available to seniors. Similarly, review the limitations of public benefit options such as Medicare and Medicaid.


Consider Relocating Your Parent


It is common for seniors to prioritize remaining in their own home while they age. Although understandable, this can be a very expensive, and often unrealistic option. If opening your home to your loved on is an option, it can be far less expensive.


Seek Professional Help


Geriatric care managers can help you establish a caregiving plan that meets your needs and assist you in identifying resources to save time and money.


Protect Your Parent From Scams


Financial elder abuse is on the rise, so make sure your loved one’s finances are protected. Telephone, postal mail, and internet fraud is common and can be easily avoided when a close relative or friend is keeping tabs on the accounts of a senior loved one. Consider talking with your parents about stepping down as Trustee of their trusts and letting you step in now to monitor their finances, and if they do not have a Trust holding title to their accounts, meet with us now to look at whether it makes sense to set that up for them (and for you).


Discuss the Future


Now is an opportune time to review your loved one’s wishes for his or her estate and consider your own financial goals and how helping to care for a loved one might affect them.


This article is a service of the Law Office of Keoni Souza, LLC, an estate planning law firm in Honolulu, Hawaii. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by contacting our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.


DISCLAIMER: All information available at this website are for informational purposes only and is not legal advice. You should contact an attorney directly regarding your specific situation. Use of and access to this website or any of the email links contained within the site do not create an attorney-client relationship between the Law Office of Keoni Souza, LLC and any users or any other party.

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All information available on this website is for informational purposes only and is not legal advice. You should contact an attorney directly regarding your specific situation. The use of and access to this website or the transmission of information via email or through this website does not create an attorney-client relationship between the Law Office of Keoni Souza, LLC and any users or any other party. Transmission of information via email or through this website may not be secure, therefore confidentiality cannot be assumed.  By using this website or transmitting information via email or this website, the user agrees to this information being collected, stored, or transmitted to a third-party.

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