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How to Support Your Elderly Parents Financially

As life spans extend and seniors live longer, many adult children are tasked with supporting their aging parents. Sometimes, parents need financial assistance. Find out how to keep parents financially solvent without breaking the bank.

Reduce Familial Tension

Money can cause a great deal of tension within families. Before your senior loved one’s financial woes become too severe, discuss the situation head on. Many times, these situations cause strife between siblings who can’t agree on how to handle their parent’s money issues. The first step is to assess your loved one’s current financial status. Organize all the relevant information, ranging from bank accounts to 401k plans to legal documents. Once your loved one’s finances are assessed, you can start to plan for his or her future.

It is also important to discuss options such as in-home care, which can be more affordable than facility-based living. When considering non-medical senior care, Boca Raton, Florida, families should make sure their senior loved ones have the resources they need to maintain their independence and remain healthy. Trusted in-home care professionals can assist seniors with daily tasks like cooking, bathing, and exercise, and they can also encourage them to focus on healthier lifestyle habits. 

Divide Responsibilities

Not all family members will be able to contribute equally. When beginning this process, sit down with your siblings, talk, and create a reasonable division of financial and time-based assistance. Siblings who can’t provide financial assistance may be able to assume caregiving duties. Those who can provide money should decide how and when they want to contribute. They might choose to cover medical costs or reimburse your loved one for his or her monthly expenses.

Trim Excess Expenses

Financial assistance doesn’t always mean giving parents money. Sometimes it means helping them stretch the money they already have. When perusing your loved one’s finances, look for ways to trim expenses or create new income streams. Reverse mortgages, annuities, and other financial options can increase your loved one’s cash flow.

As a family caregiver, you may have to plan your loved one’s finances. However, your caregiving duties may make it difficult for you to review your loved one’s expenses and tend to other important tasks. Caring for a senior loved one can be rewarding, but it can also be overwhelming for family caregivers who have other responsibilities they need to focus on. For these families, the perfect solution is respite care. Boca Raton families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation.

Brush Up on Tax Code

In some situations, children supporting their parents may be able to claim them as dependents on tax forms. This can be a great help to adult children who are having difficulty supporting themselves and their parents. Before embarking on any financial commitments, figure out how it will impact your finances. For example, gifts of money may count as gift taxes on tax forms. Many people directly pay their parents’ bills, ranging from insurance premiums to medical bills. To help with housing, some adult children buy properties for their parents and charge them a small monthly rent. This ensures the property won’t be assessed as a gift on taxes. Because of the vagaries of tax code, it’s always a good idea to speak with an accountant before making major financial decisions.

Start to Budget

Accountants and financial advisors can help people find sources of income that can be used to assist their parents. There are many available options, and many people simply aren’t aware of them. There are government programs like Medicare and Medicaid, long-term care insurance is an option, and some parents may qualify for veteran’s benefits. When budgeting for your loved one, it’s important to research all the pertinent tax options and government benefits.

In addition to needing assistance with finances, seniors often benefit from a helping hand around the house. In Boca Raton, FL, home care agencies can be a great boon to seniors. With the help of the caregivers at Home Care Assistance, your aging loved one can lead a happier and healthier life. We offer a revolutionary program called the Balanced Care Method, which encourages seniors to eat nutritious foods, exercise and socialize regularly, and focus on other lifestyle factors that increase life expectancy. To learn about our premier senior care plans or to schedule a free in-home consultation, give us a call at (561) 826.9282.