Menu

Helping Your Parents Plan for Next Year—and Beyond

Grandparents welcoming grandchildren and parents for Christmas at home.During the holiday season, many of us look forward to spending time with family, particularly our parents. These gatherings offer a unique opportunity to gently observe any changes in the health and well-being of our older loved ones. Noticing these changes can be pivotal in helping plan for their comfort and care in the years to come.

This holiday season, consider how you can blend family time with thoughtful observations to ensure your loved ones receive the best support as they age.

1. Observing with care

During the holidays, discreetly take note of your parents’ physical and cognitive health. Changes to look for include:

  • Physical mobility: Difficulty with balance, walking, or navigating stairs.
  • Cognitive abilities: Struggles with memory, managing finances, or following conversations.
  • Emotional well-being: Signs of loneliness or sadness, or changes in temperament.

Approach any changes you notice with empathy and kindness. Frame conversations around support and solutions, focusing on maintaining their independence and quality of life.

2. Conversations that matter

If you do observe changes, it might be time to ask your parents if they have done any planning for future lifestyle or care needs. Use the relaxed environment to chat about the possible need for help at home or adjustments to living arrangements. Rather than telling your parents what they should do, help them understand the options and respect their wishes and concerns. These are their decisions to make.  

3. Tax planning for future care

The end of the year is also an opportune time to discuss finances, including tax planning. Understanding the potential tax implications of caregiving can lead to significant savings. Consider:

  • Deductible expenses: Medical costs, home modifications for accessibility, and certain types of long-term care can be deductible.
  • Dependent status: If you provide over half of your parent’s support, you might be able to claim them as dependents.

4. Assembling the right team

Managing the care of older loved ones requires a reliable team. This team should ideally include:

  • Family members: Determine roles and responsibilities for each family member based on time, ability, and proximity.
  • Healthcare professionals: Regular check-ups with healthcare providers are crucial.
  • Financial advisors and attorneys: Professionals who can aid in estate planning, financial management, and navigating legal requirements for elder care.

5. Using technology

Leverage technology to keep the whole family updated and involved. Use apps and platforms that allow you to share calendars, health updates, and financial information securely. These tools can simplify managing the intricate details of elder care.

We’re here to help

Early planning and informed decision-making can make a significant difference in the lives of those we cherish the most. Enjoy the holiday season, and let it be a foundation for a secure and caring future for your family.

Engaging a professional who specializes in long-term care planning can provide personalized advice tailored to your family’s needs. At Longevity, we are happy to help families explore their options and make the best choices for their needs and preferences. Please email us at info@longevityis.com to start the conversation.

Related Posts