Tuesday, September 29, 2009
Children Going Broke Taking Care of Their Parents
Walecia Konrad wrote an article in the New York Times entitled "Taking Care of Parents Also Means Taking Care of Finances" published on September 18, 2009. In this article, the author cited that an estimated 30% of adults are taking care of their elder parents in some capacity. It is often the case that in the process of taking care of the elders, adult children can forget the financial consequences. In doing so, they rake up on their own savings put their own children in the same predicament later on. The author suggests taken several critical steps including engaging in a honest discussion about the elders' financial situation, making sure the proper documents are in placed, and consider hiring a case manager who specialized in geriatric care.
Points well taken.