Caring for your aging parents is often complicated. Your parents may resent any attempts to curtail their rights or freedoms, such as restrictions on their ability to drive a vehicle. As an adult caring for adults, you have to carefully balance their realistic needs with their emotional health. You want to do what is right for your loved ones and support them, but you also want assurance that you can manage the situation in the future.
Many Americans spend years accruing assets and building an estate. Typically, as they age, adults start to think about how those assets will support their loved ones, including children and grandchildren. Assets that represent a life's work can be a source of pride and allow older adults to leave behind a lasting legacy for their families.
Far too many people pass over trusts when beginning the estate planning process. They may think that trusts are too complicated or will cause more problems than they solve. In reality, however, trusts offer a host of benefits, especially for those with substantial assets or special family situations. A trust can protect your estate from massive estate tax obligations. They also are a buffer between your heirs and income tax obligations after you pass. Taxes aren't the only factor to consider, either.
If you have a child with special needs, your job as a parent is much different from that of most others. The average parent spends about two decades providing for a child and a few more offering love and guidance. They can pass on in peace, knowing their children have their own family, as well as adequate social and financial support.
Watching your parents grow older can be a painful experience, and there may come a time when you realize that they would be living the most fulfilling life within the safety of a nursing home.
Facing the realities of aging parents is rarely a simple matter. Not only must you come to terms with how taking on more responsibilities for your parents may change your relationship, you must also address a number of issues that your parents may not want to discuss. Depending on the current nature of your relationship with your parents, you may face a number of difficulties in your efforts to help them plan for aging and end of life issues.
Planning your estate is something that far too many people put off until they have to retire or deal with a dire medical diagnosis. It's always ideal to have a plan in place well before you need it, because life often defies prediction. Thankfully, it's never too late to put some consideration into the many issues that could face your loved ones if you become incapacitated.
People don't usually like thinking about a time when their parents need to go into a nursing home. It means that their loved ones are aging and coming to a point when they may no longer be able to do things for themselves.
For most parents, the biggest concern about their death is naming a guardian if their children are minors or ensuring that their estate plan has accurate information about how to handle their assets after they pass. For parents of a child with special needs, however, there are other critical considerations.
Estate planning consists of various tools you can use to plan for an uncertain future. For example, you can write a will to leave your Gainesville home to your children. Or, you might create a living will in case you become incapacitated and can no longer make decisions for yourself. You might even choose to start a trust for your wife so that you can feel confident she will continue to have income after you pass.