Even wealthy parents can run out of money when senior-care costs kick in, warns eldercare consultant Carolyn Rosenblatt. At her Forbes blog Aging Parents, she tells the story of one man who assumed he’d get an inheritance but ended up having to give his parents money.
“If this could be you, it’s time to meet with your parents and their financial advisor,” Rosenblatt writes. “Plans need to include the possibility of long term care.” She …Read more ›
Experts urge people caring for their aging parents to take breaks. Getting overwhelmed is detrimental for everyone.
Your local agency on aging is one of the places that can help you find respite care. Liz Stachow, who works with the Oneida County Office for Aging and Continuing Care in New York, has seen proof that taking breaks isn’t only for your own peace of mind. From the Observer-Dispatch in Utica:
“When people come to me or …Read more ›
Do your aging parents reject in-home help? They’re not the only ones. Dale Carter, author of Transitioning Your Aging Parent: A 5 Step Guide Through Crisis & Change, says people ask her for advice about that all the time. So she blogged about it, offering four tips on what to do. One of them is simply to observe for a day or two:
Become like a quiet shadow beside your parent. Envision …Read more ›
Some health-industry groups are concerned about a new Medicare rule. It’ll go into effect Friday unless Congress postpones it. It may affect the way your aging parents get home health-care. Then again, it may not.
The rule requires doctors not just to prescribe home health-care and approve a care plan but also to see the patient within 90 days before or 30 days after the patient begins care. Kaiser Health News reports that some organizations …Read more ›
Want some free, loving help with caring for your aging parent? Ask friends and family. It seems simple, but mustering the courage can be difficult. These days, online tools can help you not only ask for help but coordinate it.
The Wall Street Journal reports about the features some websites offer:
For example, with interactive calendars, anyone invited to join a caregiving network can log on to see what needs to be done when—and volunteer by …Read more ›
If you’re helping your aging parents financially, the U.S. News & World Report blog Money has tips that may help. First, understand the gift-tax rules:
You can give up to $13,000 a year to as many individuals as you wish, and what they receive will not be taxed as income. Your spouse can do the same, providing the easiest way to convey family assets to relatives without creating tax liabilities for them.
The post, …Read more ›
Does your elderly mother seem isolated or lonely? To figure out how to help, consider her personality, suggests The New Old Age.
Elderly women are at greater risk of isolation than elderly men, the blog says. The women of that generation may have spent their lives caring for family and home. New social situations and finding new friends may be more challenging for them. To help out, think about what your mother would like, not …Read more ›
Retirement communities are more affordable these days. Many “continue to cut prices and offer assistance packages to lure new seniors,” reports The Best Life, a blog from U.S. News & World Report. Price-cutters include continuing-care retirement communities, which offer residents various levels of care. From the post:
LeadingAge … has more than 1,150 CCRC sites in its membership. “We recently did an informal poll of our members and found a number of them …Read more ›
If you’re helping out your elderly parents financially, don’t forget about taxes. The personal-finance blog MoneyNing explains what qualifies an adult child for deductions:
Generally, the eligible taxpayer must provide more than 50% of the financial support for eligible expenses such as food, lodging, clothing, education, medical and dental care, recreation and transportation. That a parent lives with the taxpayer is not required to claim the exemption – only that the taxpayer provide more than …Read more ›