Families faced with providing care for an elderly loved one often worry about money to pay for expenses now and in the future. Those that have children and an elderly parent to care for typically feel even more financial strain. Reviewing the assets is a useful financial tip for families in the sandwich generation.
Review Their Assets
Many adult children are not aware of how much money their parents have for future health expenses. Therefore it is worthwhile to take the time to review their assets to see where they stand financially. Make sure to look into:
- Bank accounts
- Money Market Funds
- Real Estate
- Jewelry and Precious Metals
- Insurance policies
- Retirement Benefits
- Safe Deposit Boxes
If the elderly parent is not able to help identify the location of all of their finances consider contacting a banker or accountant that they have worked with in the past. It is important to understand what funds are available for current and future care. Include a list of assets, like property, jewelry and other items, that could be sold to raise funds if necessary.
Review Your Assets
If your loved one has does not have money saved to pay for medical expenses you should also review your own assets. It is important to point out that you shouldn't take away from your retirement or college savings funds. In fact, you should still be contributing to these savings as you don't want to harm your own future planning. It is wise to consider if you have property that you could sell to raise funds however. Think about getting rid of a boat or RV. Consider downsizing your home. Once you have finished reviewing your own assets also consider ways in which you can reduce your expenses.
At Caring Senior Service, our expert staff is comprised of extremely knowledgeable, friendly, and trusted professionals who take pride in helping your loved one manage their daily activities. Contact us today to learn more!