Caregiving Services in Macomb County, MI

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On April 20, 2013, Posted by , In Caregivers, By ,,, , With Comments Off on Caregiving Services in Macomb County, MI

Speak for Yourself, While You Can

Parents, it’s time to be an adult when it comes to talking to your kids about your late-in-life planning.

Many times the burden of managing a parent’s deteriorating health or financial situation means an adult child has to step into their parent’s shoes.

But parents often can accomplish more by stepping into their former role and taking the lead. Doing so can head off divisive—and costly—family feuds.

The primary task is providing guidance for the possibly difficult times ahead: communicating your wishes about health care and a funeral, information about things like finances, your will and what to do with the family home.

There’s usually a reluctance to have these conversations, and it stems from more than being forced to talk about death, or the unpleasantness of telling a child that he or she won’t be getting the family silver. There are entrenched family dynamics at play.

Some parents don’t like to talk about money. If their finances are fragile, they may be embarrassed. Conversely, if they have a big nest egg, they may be concerned that a child would misuse it.

The biggest financial asset at stake is often the parents’ home. A parent may transfer the title to a child to help with long-term care planning. But after the parents die, a home can become a source of friction among children. There are endless variations: a child may be living in the house; one child wants to sell, while the others do not; there may be a fight over the purchase price.  To help avoid these problems, parents and children need to sit down, agree on how the home will be handled, then enter a family agreement before the deed is signed over.

The nightmare situation for many families is a court fight over a will. As unappealing as it sounds, parents should spell out to their kids their reasoning for how they are dividing their assets, along with their thinking for who will be the executor or have power of attorney.

Often a parent wants to favor a child in a will who has acted as a caregiver. That can be addressed in a document called a caregiver agreement, which Mr. Serra says can also serve as a centerpiece for a family discussion on these tough issues.

Source:  www.online.wsj.com

Contact Pure Home Care Services at (586) 293-2457 today!  If you live in Macomb County or the surrounding area, we can help you care for your loved ones.

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