Caring for Aging Parents Takes Planning Ahead and Patience

Having legal documents in order and planning for the cost of care will help make an already difficult time a little bit easier to handle.

An older person's hands grip a younger man's hands.
(Image credit: Getty Images)

Editor’s note: This is Part 4 of the four-part series “Financial Advice I Would Give My Younger Self,” as a wealth strategist looks back at what she knows now that she wishes she’d known back then. For more, please read: Part 1: The Best Ways to Pay for College, Part 2: From Prenups to Pregnancy and Part 3: 6 Retirement Wealth Strategies.

For this series over the past several months, I’ve walked down memory lane to various stages of my adult life and addressed the planning strategies I wish I’d known to do at the time, from education funding to retirement planning. This fourth installment, and the final article of the series, is about the stage I am at now — planning to care for aging parents.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%
https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up
Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription


Why am I seeing this? Find out more here

Alvina Lo
Chief Wealth Strategist, Wilmington Trust

Alvina Lo is responsible for family office and strategic wealth planning at Wilmington Trust, part of M&T Bank. Alvina was previously with Citi Private Bank, Credit Suisse Private Wealth and a practicing attorney at Milbank, Tweed, Hadley & McCloy, LLC. She holds a B.S. in civil engineering from the University of Virginia and a JD from the University of Pennsylvania.  She is a published author, frequent lecturer and has been quoted in major outlets such as "The New York Times."