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Care Of Parents

If the time comes when an elderly parent needs care, will you be ready to shoulder the responsibility? Americans are living longer, but that doesn’t mean they’re in rosy health, and the frailties that come with age often happen gradually, and they can become debilitating.

There are some steps you can take to prepare and relieve some of the stress on yourself and your parents. You’ll need to talk with your parents, even if it’s difficult. Start the conversation slowly, and lead into it over a period of time. Sometimes parents drop comments about what will happen as they age; that’s your cue to ask some questions. Encourage them to share their plans. Ask what they have in place. Ask what they want you to do to help. You may not get all the answers you need at first, so allow time for them to be comfortable with the idea of giving some control over to you if that becomes necessary.

From a financial perspective, these are some things you, as caretaker, may need to know:

Many Web sites offer information about eldercare, including the National Council on Aging and the U.S. Department of Health & Human Services’ Administration on Aging.

Inspiration for Those Caring for Aging Parents:

Perform an inventory.

A detailed understanding of assets and life choices is a key to helping parents who require special care. If you’re not sure what questions to ask, a representative may be able to help.

Explore accelerated benefits.

An Accelerated Death Benefit can help pay for accommodations in terminal illness situations. Learn more about this early policy pay-out option.

Make sure you’re ready, too.

The Family Legacy section of includes many ideas for easing the burden on your kids.

Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation.


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Last Updated: 12/14/2017