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McHugh & Macri
Certified Elder Law Attorneys Serving New Jersey Residents since 1978.
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What do we owe our parents in their golden years?

NAELA National Academy of Elder Law Attorneys, Inc. MEMBER

According to a survey conducted by More magazine, kids feel morally bound to support aging parents. However, the survey suggested that as people age, they may not be discussing topics such as assisted living, long-term care and final directives with their children as often as they should.

A survey of 751 men and women ages 18 and older with at least one parent or guardian still alive, found that 81 percent believed that they owed their parents everything they had given them, including financial, emotional and physical support. In addition, 63 percent of the respondents believed that it was morally objectionable to forbid a parent to move in if they had room to do so. The survey pointed out marked differences in attitudes among the sexes as far as elder care planning was concerned.

Although 51 percent of men and 60 percent of women said they were willing to adjust their everyday lifestyles in order to take care of an aging parent, their approaches were vastly different. For example, women were more likely to feel grief and sadness and had a greater likelihood of handling intimate duties, whereas men tended to view the situation more practically and tended to handle repairs and finances. However, only 20 percent of women and 26 percent of men stated a willingness to sacrifice retirement funds or their home values to take care of their aging parents. This proves that even children have limits when it comes to looking after their parents in their later years.

Few people care to think about who will take care of them when they are no longer independent, and many may not understand how to protect their assets if they should require long-term care. An attorney may be able to help those who wish to plan for when they need assisted care. A lawyer may be able to help those seeking advice regarding long-term care, benefits eligibility and other types of insurance.

Source: Baltimore Sun, "How much are they worth to you?", Susan Reimer, October 09, 2013

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