Being a caregiver is no simple commitment.
Have your parents reached a point where they are needing a caregiver?
Will you be the one providing the care?
If yes, then there are a few details you should consider.
With planning, this responsibility can be less costly and less daunting for you.
According to a recent MarketWatch’s article titled “Read this before becoming your parents’ caregiver,” being a caregiver may require financial and career sacrifices.
If you are a full-time or long-term caregiver, you will likely need to limit your work schedule, sacrifice a promotion or tap into your own family budget or retirement savings to provided care.
Some caregivers may be able to maintain normal family life and a full career while providing care, but not everyone can.
Plan and communicate.
Talk with your siblings and parents about setting realistic expectations.
You can divide responsibilities or set up a system for financial compensation.
A good way to do this?
Use a Personal Care Agreement.
What will this do?
It can outline responsibilities, time and compensation.
You can proactively safeguard your family life, your retirement, your career and your relationships from misunderstandings or issues arising from being the caregiver.
Your siblings will know how to support you and have an incentive to do so.
Work with an experienced estate planning or elder law attorney to create this agreement specifically for your family.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: MarketWatch (February 22, 2017) “Read this before becoming your parents’ caregiver”