Elderly Parent

Caring for an aging or ill parent can be extremely stressful. Whether you are tackling it alone or have the help of a sibling, are you prepared to provide the kind of care you want your parents to receive?

Identify Needs
There are many financial needs to think about when dealing with an elderly parent, from estate planning issues and trust options, to long-term care. There are also issues with records that can include wills, investments and insurance policies. Though it may not seem possible, it's usually good to separate your emotional needs from the financial needs of your family when discussing elderly care. What's best for the health of your parent is the primary concern so making those arrangements should come first.

The Big Picture
Caring for your parents as they age should be a co-operative effort. You and your siblings should work with your parents to understand the financial and legal issues involved. That way you can develop the best plan to help protect their assets.

You can start by discussing an estate plan or will with your parents. By being prepared, you may eliminate the need for court intervention during a crucial time, and you may also be able to minimise taxes.

While taking care of immediate needs is important, it's also vital to consider what to do should you parents become unable to care for themselves. Because a lot of long-term care expenses are not covered by the NHS or your local council, this might be a good time to review your parents' insurance coverage. Proper insurance can also help protect your parents' savings from the financial burden of a long-term illness.

Get Started
Though it may not be a popular subject, it's important to consider the short- and long-term options that are available to your parents. To learn more about how Edward Jones approaches your needs, click here. Then contact your local Edward Jones financial adviser, who will be happy to help you identify and prioritise your financial goals and track your progress toward achieving them.