To protect your parents from financial mismanagement, discuss the possibility of setting up a living trust. In the event that your parents may be unable to make sound financial decisions for themselves, a living trust can give you control of their assets.
“To be effective with this strategy, the trust document should include a provision that establishes a process for determining the trust maker’s abilities to make those decisions,” Zach Morris, managing partner and co-founder of Atlanta-based Paces Ferry Wealth Advisers, told The Atlanta Journal-Constitution.
“So, this could be a medical professional, maybe, that determines the elder parent is no longer able to make those decisions for themselves. And then the adult child would then take control of those assets.”
Aging in place or a nursing home
Ask your parents where they prefer to stay and what would best suit their health. Consider helping your parents make aging-friendly renovations or discuss selling their current house to move into a residential care facility. There are many assisted living options in Atlanta that can meet the different needs of your parents. Consider touring a few places with your parents and reading other testimonials to find the right place.
“Speaking to a loved one about their need for an assisted living doesn’t have to be a difficult conversation,” Mark Friedman, owner of Senior Helpers Boston & South Shore, a senior home care agency in the Boston area, told U.S. News and World Report.
“Especially if you’re sparking the conversation after a minor event like a non-major fall or time when you were unable to provide the immediate support your loved one needed. Your parent’s needs have to be reliably met. If you live far away or work full time, explain why a change like an assisted living community should at least be considered and looked at together.”
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