Help! My parents are getting older and need a lot of assistance. What can I do?
Many of our clients are entering a stage in their life in which they are still parenting their own children, while their parents are also in need of help. This can be a very stressful and expensive time for everyone involved. How do they find balance? Where should they turn?
The first step is to make a list of areas that need addressed and then partner with professionals that have experience in these areas. If you do not have a Fee-Only Financial Planner, call Galecki Financial Management at 260-436-8525. You can also visit www.napfa.org and use the Find My Advisor tool to locate a Certified Financial Planner™ Professional near you. This individual will help you walk through the financial steps and difficulties associated with parents entering this new phase of life. They will know what it will cost, what facilities you should research, and how to move forward.
Depending on the financial situation of your parents, they might need additional help with the cost of long-term care. Your Financial Planner will know a good elder care attorney, but you can also visit www.naela.org to find an elder law attorney near you. This individual will discuss additional payment options available for your parents and how they might be able to qualify for Medicaid assistance.
Working with a Fee-Only Financial Planner and a qualified Elder Law Attorney will get you on the right path. It can be a very difficult journey, both emotionally and financially. But, having experienced partners to walk you through this process will make things much easier than if you attempt everything on our own.