MONEY MATTERS: building a stable financial future for our aging parents
COLUMBIA, S.C. (WIS) - In Money Matters Josh Bradley of Capital City Financial Partners discusses how we can help our parents manage wealth.
As our parents age and get older, what financial responsibilities do we as children have… and will they be able to afford the care they need?
“More and more we are seeing this where adults are having to care for their parents,” said Bradley. “The best thing I can encourage you to do is start early, have conversations with your parents about their understanding of their existing options.”
Are we responsible for our parents’ bills if they can’t afford them?
“This is a big no-no, especially if your parents would potentially qualify for Medicaid at some point, You would never want to use any of your assets or money for their care, you would want to use their assets first,” explained Bradley.
What are some steps we can take to help our aging parents plan?
“Lining up their existing coverages or options, maybe they qualify for VA benefits, maybe they have along-term care but you want to know that upfront,” said Bradley. “The second thing is to make sure that all estate documents are in place, so that if and when something happens you can take control of the situation.”
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