Senior Caregiving Often Means “Financial Caregiving”

Senior-care game plans aren’t easy to put together. The medical considerations alone are burdensome. Coordinating doctors, appointments, medications, and treatment therapies requires more time and thought than most people realize.

Even more onerous, though, are the financial considerations. In fact, a recent article at WealthManagement.com suggests that most of what we call “senior caregiving” is actually “financial caregiving,” as it involves money more than it does medicine.

That’s because family members are America’s number-one source of financial assistance for the elderly. Citing the National Alliance for Caregiving, the article points to two pertinent facts:

  • 66 million people in the United States currently provide “critical” financial and societal contributions to a loved one’s wellbeing and care. (That’s approximately 40% of the adult population.)
  • 10,000 Baby Boomers retire every single day. That means the 40% figure is likely to rise with time.

Unfortunately, while financial caregiving for the elderly may be common, it isn’t easy. In addition to managing finances for one’s own children, providers must also navigate the series of legal traps awaiting the inattentive.

Sadly, caring for aging parents can become one of the single greatest sources of stress in an adult’s life. If you’re caring for an elderly parent now, you already know how true that is. our experienced Arizona elder law attorneys are here to shoulder that burden for you. We offer years of insight, a command of the relevant laws, and a personalized attorney-client relationship that you can count on. Contact us today to talk about your potential next steps.

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