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.

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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."