Aging certainly is part of the circle of life. If we are all fortunate, someday we can repay the favor of our parents caring for us, by caring for them. It is a time in one’s life that does not come easy and should be handled with the utmost care. In my line of work, I witness the tolls and stress caring for an aging parent can have on both the child and the parent. Albeit, no easy task, there are certainly best practices developed by many elder care experts I thought appropriate to share with you here today.
Below is a seven-step guide that is practical and easy to follow for caring for an aging parent (or family member):
1. Assess their needs.
Start by understanding your parents’ specific needs across all facets of their lives. This should span from family support, home safety, medical requirements, cognitive health, mobility, personal care, meal prep, social interaction and exercise. It is important during this stage that you properly evaluate what current support there is in these areas and where additional support/resources are necessary.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free 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.
2. Consider your capacity.
Although we all want to be able to help our most precious loved ones, it is important to do some self-assessment of your actual capacity to do so. You should assess your own health, proximity, living preferences and relationship quality with your significant other.
Being able to acknowledge when you are not the appropriate caregiver is just as important as acknowledging when you are the right person. This should allow you to understand where you may need some help and where you might not.
3. Involve your parents.
It is an important step to not make decisions in a vacuum. You should absolutely, assuming they’re able, include your parents in these discussions. It is safe to say they are likely to have some opinions on the who, what and where of their aging needs. I’d also add in here to include your immediate family as well, since, as they say, it will take a village.
4. Understand their finances.
Bet you didn’t see this one coming?! Elder care can be not only physically and mentally draining, but it can also be financially draining. Before curating a care plan, it is important to understand the financial landscape. The questions to be asked are what kind of care do you anticipate your parents needing? What are the estimated future costs of their needs? What do their current finances look like? Is anyone in your family going to assist financially if needed?
Answering these questions can help you assess the financial needs and, thus, understand what the optionality is for care. I’d also highly suggest involving your, or their, financial experts to help assist in this process.
5. Ensure their home safety.
Remember how I mentioned life comes full circle? Bet you remember baby-proofing your home once upon a time so your little ones wouldn’t smash their little heads. Well, full circle, here we come. You will want to “parent-proof” your parents’ home to prevent accidents.
This can entail home modifications, decluttering, installing grab bars, improving lighting and making general accessibility enhancements where needed. This is an important step and one that can enable your loved ones the dignity to stay in their own home for as long as possible.
6. Facilitate communication.
Regardless of your ability to physically care for your loved ones, every one of us can help with a communication plan. This cuts two ways. For starters, you’ll want to make sure your parents have the appropriate accessible communication devices to reach out in times of need.
Additionally, you can help by combatting loneliness. Just because you are super busy every day, doesn’t mean your aging parent is as well. Take time regularly to reach out and check in on these special people. It is the easiest thing to do and likely will go the longest to preserving dignity for all.
7. Explore care options.
The final stage is to fully understand what care options are available. You can take this on yourself or utilize a professional geriatric care manager. You or they can help assess what in-home options or assisted living options are available based on preferences, needs and finances.
Even if you’re not ready to utilize the options today, it is important to know where you are going to turn if/when the comes.
If you follow these seven easy steps, you’ll at least have a good start on handling this difficult time in your lives with dignity. There are plenty of professionals who can help along the way, so take a deep look in the mirror when considering what you are capable of and what you are not. Use help, involve your family and handle it with care. Sending love to all, and stay wealthy, healthy and happy.
Diversified is a registered investment adviser, and the registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC.
A copy of Diversified’s current written disclosure brochure which discusses, among other things, the firm’s business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov.
Diversified, LLC does not provide tax advice and should not be relied upon for purposes of filing taxes, estimating tax liabilities or avoiding any tax or penalty imposed by law. The information provided by Diversified, LLC should not be a substitute for consulting a qualified tax advisor, accountant, or other professional concerning the application of tax law or an individual tax situation.
Nothing provided on this site constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments. Investments in securities entail risk and are not suitable for all investors. This site is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction.
Related Content
- What to Discuss With Your Aging Parents as They Get Older
- What Gen X Needs to Know About Their Aging Parents' Finances
- How the Social Security Bridge Strategy Works
- How Average Is Your Net Worth?
- Is Your Spending Out of Control? Three Ways to Fix It
-
How to Add Your Driver’s License to Apple WalletTurn your iPhone or Apple Watch into a digital ID — here’s where it works and how to set it up.
-
Taylor Swift Can Shake Off Wedding Costs — But Most Couples Can't: The Price of Getting Married in 2025From engagement rings to bachelor parties, here's what it really costs to get married in 2025.
-
I'm an Annuities Expert: Here Are Two Ways to Use Annuities to Benefit From the OBBBTo qualify for a new tax break included in the One Big Beautiful Bill Act, some older adults need to lower their taxable income. Annuities can make that happen.
-
Here's Why Munis Aren't Just for Wealthy Investors NowBuyers of all levels should be intrigued by municipal bonds' steep yield curve, strong credit fundamentals and yield levels offering an income buffer.
-
I'm a Financial Planning Pro: Do Your Family a Final Favor and Write Them a Love LetterSpecify your preferences in this personal document that shares your wishes on how you want to be remembered and celebrated. Your family will thank you for easing an emotional time.
-
The Future of Financial Advice Is Human: Gen Z Trusts Advisers, But AI Skills MatterGraduates entering the workforce trust human advisers more than AI tools with their financial planning. But AI can still enhance the client/adviser relationship.
-
I'm a Wealth Adviser: If You're a DIY Investor, Don't Make These Five MistakesEven though you may feel confident because of easy access to investing information, you may be making mistakes that could compromise your long-term performance. Here's what you should know.
-
Building a Business That Lasts: The Critical Steps to Avoid Blunders'Another Way' author David Whorton offers advice on how to build an 'evergreen' business that endures by avoiding common pitfalls that can lead to failure.
-
I'm a Financial Pro: Why You Shouldn't Put All Your Eggs in the Company Stock BasketLimit exposure to your employer's stock, sell it periodically and maintain portfolio diversification to protect your wealth from unexpected events.
-
How Will the One Big Beautiful Bill Shape Your Legacy?The One Big Beautiful Bill Act removes uncertainty over tax brackets and estate tax. Families should take time to review estate plans to take full advantage.
