Remember your early twenties? I do. My focus was on 40. That seemed like a long way off, and my thoughts focused on how easy it would be to achieve all of my career goals by then.
At 25, I could not conceptualize 50 or 60, and didn’t give a passing thought that when I reached that point, my parents would be much older – if they were still living. Even more amusing to me is that I was so sure all of my plans would be readily achieved. I don’t recall any level of introspection or consideration of alternate plans or outcomes. Forty years later, I smile. How could I be so naive? Perhaps this is the true meaning of hindsight is 20/20!
The road of life is not a straight line to easy street. There are many twists – problems arise. We must adapt, and frequently redirect our energies to achieve newly-identified goals. One class of problems that most of us fail to contemplate is that as our parents age, they become fragile and dependent upon us. The role of parent/child ultimately reverses, and we must assume control and assist our parents as they age. When that time comes – it’s an eye opener for both child and parent. It is a stressful, extended time, and there are a myriad of issues that must be addressed.
Paying the bills, maintaining the home, trips to the doctor and dentist – and ultimately, if Mom and Dad live long, addressing dementia and nursing care issues. These issues consume energy and time, and have major financial consequences. You need to make sure the limited financial resources your parents have are properly situated so that the parent who is not in the nursing home has sufficient resources to remain self-sufficient; and at the same time, you need to provide for the parent who needs the high level care.
These situations can be addressed in a crisis mode – and we call that, “Crisis Planning.” The better plan, however, is to know the issues and plan in advance of the crisis.
On this point, it so happens we’re having a FREE seminar this Wednesday, September 27th – Planning for You, Mom and Dad – Before the Problems Come! Attorney Pat Simasko, Elder Law Expert from Simasko law will join us in Bingham Farms to explain the issues and necessary strategies you need to know. Sign up below.
Looking back – how could I be so dumb! :)
Have a great week!