What I really want to write about is the increasing number of ‘children’ who are beyond the age of 65 and have parents who are still living – a group who are “aging together’. (I take no credit for that phrase – it is the title of many other articles)
You can learn more about the issues by simply putting the phrase ‘aging together’ in your internet search.
My legal practice in estate planning often spans several generations. It is possible for me to meet with clients, their children, their grandchildren and yes, in some cases, even know their great grandchildren. The issues of ‘aging together’ have been on the radar of estate planning professionals for a long time.
Aging Together
According to some data, in 2020 approximately one third of the American population will be over 65, so the likelihood of that group having aging parents is high.
Articles about “aging together” are important to understand the concerns of older clients with aging parents. One question arises… If I become incapacitated, what happens to mom or dad? (And mom or dad could well be in the 90’s, but still healthy)
Although estate planning does not presume to have all the answers, strategies can be put in place to obviate some of the concerns of a senior adult who is responsible for an aging parent.
The First Steps
The first step is to understand that you are not alone. The segment of older caregivers is one of the most rapidly expanding according to some data. (Note: You may not have full day-to-day caregiving responsibilities, but you may be responsible for overseeing the welfare of your aging parent(s).
Meeting with a professional estate planning attorney is another step toward discovering some solutions and alternatives to the question…What will happen to my parents if something happens to me?
Looking Back to a Prior Generation
The topic of generational planning (also known as multi- generational planning or legacy planning) has been on the radar of financial and wealth planners/managers for many years.
However, legacy planning is, for the most part, a forward looking strategy - passing wealth to children and grandchildren.
In Estate Planning, by using strategies such as Family Trusts, it is possible to look at the family unit as a whole and plan for… what would happen to mom or dad if something were to happen to you?
As a senior adult ‘child’, if you have responsibilities for the welfare of an aging parent, consider estate planning as a tool to assist you, and to plan for the “What if…?”
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