According to an article published by allabouttheelderly.com, approximately 17% of adult children provide care for an elderly parent at some point in their lives. The article further projects that by 2060, the population of people over 65 in the United States will have doubled.
With these statistics in mind, you may want to consider in your estate planning the possibility of an adult child being your caregiver in the future, the ramifications of the possibility for your asset distribution, and the ways you can plan ahead to promote family harmony in various future scenarios. This article will explore a few of the questions that you can consider with ideas drawn from an article published on yahoo.com.
Preparing for the possibility that an adult child would be caring for a parent in the parent’s home.
- How long after death does the child have the right to live in the home?
- Do you want to give the child a greater share of the assets after you die to compensate the child for their extra effort in your care?
- Does your estate plan empower the child you plan to care for you to make decisions on your behalf?
- What protections are in place to protect the adult child from fatigue, which in some cases can lead to elder abuse?
If the child or children are unwilling or unable to care for the parent.
- If you are planning on care from family members in the future, do you have a back-up plan in case they are unable or unwilling to care for you?
- Is there a care facility or nursing home that you prefer that you want to designate as the care facility for when you are incapable of making decisions for yourself?
Communicating estate planning to your family members.
- Communicating with family members about your and their preferences for the future can be as important as setting up the documents because you can get the support of family members in advance and resolve concerns or arguments while you are alive and well.
- There are many tools available for estate planning and talking through the various choices with your family members can help you choose the right tools for your specific situation.
Contact an Experienced Estate Planning Attorney
The uncertainty of the future can invoke anxiety and fear, but estate planning can help give you peace of mind. When you create the right plan for you and your loved ones, then you can have the confidence to know that you are prepared for all possibilities. At the Law Office of David Knecht, we have extensive with estate planning and enjoy helping people gain the peace and confidence that comes from a properly drafted and personally customized estate plan. Please contact us at 707-451-4502.
