In Home Care Recommends Helping Your Loved One Spend Wisely

For many adults, it can be difficult to know whether their money will last, or how to budget so they can make it last. In home care experts want you to know that it can be easy to accidentally overspend. Your loved one may run into this issue if they aren’t careful. Visiting Angels knows that families can struggle if they aren’t financially prepared, which is why we recommend that your parent meet with an estate planner to discuss their financial situation.

The term “estate planner” may make you think of a service only for the wealthy. While your mom or dad owns a home, they may have no “estate” so to speak of. However, estate planning is actually a type of financial planning. Estate planners look at your loved one’s assets, find sustaining sources of income, use that to create budgets that give your loved one financial security. It’s important to plan for the future even if you and your loved one feel safe financially, because costs like medical care or in home care can crop up unexpectedly. The earlier your loved one makes a plan the better.

The estate planner is the catalyst that will guide your parent to protect whatever money they may have and care for their finances over the years. There are no guarantees in life, and financial planners will use statistics to support their findings. The concept of estate planning is to keep mom or dad financially independent without breaking their bank account. In today’s society it is often difficult for adult children to support their parents, so financial planning can be a necessity.

Visiting Angels’ in home care team recommends being supportive and helping your parent gather all the information they need to remain financial sound. To learn about the cost of care, contact our team.