According to the Pew Research Center, currently around 30% of adult children in America contribute financially to the care of parents. Expenses range from medical care to assisted living care to simply making sure the household contains enough food. As a result, plans for one’s own future care may need to include plans for the care of parents.
Adult children often take on the care of a parent without question, and without consideration for the consequences of spending large amounts of money, or even going into debt, to fund the care. However, dipping into savings or retirement accounts to care for parents could leave individuals without adequate assets for their own future care.
An estate planning or elder law attorney can help individuals plan for the possibility of contributing to the care of an aging parent. A good estate plan will allow for the care of loved ones while preserving enough assets for one’s own future needs.