Millenials are the butt of many jokes, but credit must be given where credit is due-according to the AARP, they are spending an average of 21 hours a week taking care of older adults. Currently, around 10 million millenials are already serving as the caretaker for an elderly loved one, such as a parent, grandparent, in-law or other adult. Over time, more people are expected to step into this role.
Not only are they spending time taking care of their loved ones, they are also spending money. Those who are paying out of pocket are incurring costs around $7000 a year for transportation, home modifications, legal fees and medical costs. Add this to the student loans they have likely piled up and nearly stagnant wages, they are bearing the brunt of taking care of the older generation like no other generation has yet.
One way elderly Pennsylvania residents can help their children and grandchildren out is by talking to them about their future plans and how they plan to finance them. Long-term care adds up quickly and Medicare won’t pay for home healthcare, nursing homes or adult daycare. It costs more than $45,000 to hire a nurse aide at home and private nursing home room costs more than $250 a day. Given these figures, planning for long-term care and financing it could be one of the most important conversations family members have this holiday season to avoid the depletion of an estate.
Parents want to make sure their beneficiaries are taken care of after they pass away and consulting an experienced attorney might be one way to open avenues of discussion to figure out how to get parents the care they need and ensure assets are protected for beneficiaries in the future. Having these conversations are not easy, which is why it might help to start off with slow steps. Where do parents want to stay and who do they expect to either move in with or move to their own house could be some starting points heirs may have with their loved ones.