3 June 2019

In Caring for our Aging Parents

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By Michael Rambaldini

Director |Certified Financial Planner | Aged Care Professional

We are often caught up with our busy lives in raising our own families and establishing our own milestones. We sometimes tend to forget that our aging parents are relying on us too.

Because an average Australian now lives longer, the responsibility of taking care of our parents will most likely be handed down to us. Needless to say, this is going to be a challenging if not difficult time for us and for our aging parents as well.

Like any other of life’s obstacles, having adequate planning and preparation will ease the burden.

Let’s take a look at some of the ways we can prepare a plan that works for our aging parents:

  • Allow an open discussion with your aging parents

Decision-making is going to come from your aging parents as they still have their own preferences. Ensure that they can openly tell you what they want to happen when the time comes. Make it easy for them to communicate these things to you and start with some words of encouragement. Focus your discussion on tangible situations that could possibly happen when they are reaching frailty and of course offer to help them. Reassure them that this planning stage will benefit them in the coming days.

  • Talk to your other siblings

If you’re not an only child, it’s important to speak with your other siblings about the planning and preparation for your aging parents. Come up with a reliable timetable and action plan with each of your siblings and outline a task for everyone to be a part of. This will make them understand the importance of their involvement and effort to reach the goal, which is to care for your aging parents and give them the comfortable life that they so deserve.

  • Consider meeting a Solicitor for Estate Planning with your aging parents

It is best to be prepared for anything that can happen and therefore, getting a solicitor to update wills and set up a power of attorney and enduring guardianship for your aging parents is highly recommended. The last thing you would want is to run out of time and not be able to establish the needed documents for any untoward incidents. Health deterioration can be inescapable and it can be daunting for you and your aging parents.

  • Financial planning and seeking advice for your aging parents

You will be able to effectively support your aging parents once you have a clear idea of financial matters that will involve the kind of aged care that they can obtain. There are numerous options for the type of aged care they would like to have. Be proactive in seeking advice from a financial adviser who is qualified as an aged care professional and capable to give you and your parents a whole range of suitable financial advice that will result in a realistic recommendation for your aging parents.

For more information on Aged Care and Financial Planning, you can visit our website at www.verante.com.au

Verante Pty Ltd is a Corporate Authorised Representative of Viridian Select Pty Ltd, ABN 41 621 447 345, AFSL 515762. This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information consider its appropriateness, having regard to your objectives, financial situation and needs.