Taking Care of Your Elderly ParentsEstate Planning Elderly Care
The topic of family role reversal and caring for elderly parents resonates with our team, as it is an area of concern among many of our clients. As the health of your parent(s) declines, preforming day-to-day tasks and making important life decisions can become challenging for them. This is when it is time to step in and lighten the load on elderly parents so they can live their remaining years with dignity.
Statistics Canada tells us that of the 4.8 million Canadian seniors (age 65+), 1.3 million individuals are aged 80 and older, while 6,500 individuals are aged 100 and older. Canadians are living longer and because of this, extended health care is becoming a bigger area of focus.
If you have elderly parents, help reduce family stress with these steps:
1. Start Talking Early
Talk to your parents about their plan before their health begins to decline. If they haven't already thought about it, help them outline what their future wishes are. Ask them what planning they have already done and learn about their extended health care preferences. For example, would they like to remain in their home or a retirement home for their remaining years?
2. Determine Who is Paying
Look into the costs associated with different types of care. Get an update on your parents' finances and how much income they will have in their future years. Research to see if they are eligible for any government assistance. If applicable, discuss with siblings to see if any further money will be contributed on behalf of the adult children.
3. Carry Out the Plan
Make sure all family is on board when further care is required. Your parents will need to appoint someone to manage their affairs if the time comes when they are unable to do that for themselves.
If you would like to learn more about helping your elderly parents, please reach out.