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Caring for Your Parents as They Age

MoneyTips

Sunday, July 23, is Parents’ Day, which was developed when President Clinton signed a Congressional Resolution into law in 1994 to recognize, boost, and support the function of moms and dads in raising children. At some time when those kids are grown, however, it often becomes their obligation to take care of their aging moms and dads. It is an uncomfortable discussion, however an important one– what sort of monetary obligations will you have in looking after an elderly moms and dad, and as a result, how does that modification your retirement plans?

You can not respond to the 2nd concern without fully resolving the first. It is very important to have a truthful conversation with your parents about their wishes– and financial capabilities– for their senior years. What sort of care are they comfy with? Do they wish to pass properties on to successors or liquidate them for their own requirements? If they do not have fundamental documents set up such as wills, power-of-attorney, and a health care proxy, try to persuade t.

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