As people are living longer and nursing homes are becoming more expensive, many older adults and their adult children are choosing to move in together. Before taking such a huge step, it is important to discuss all of the details and create a plan so that everyone can live together successfully. Elder Law Answers suggests the following steps.
Work out financial details first
- Discuss if your brothers and sisters will contribute to your parent’s care and financial support. Although the conversation may be awkward, having the conversation ahead of time may save conflict and hurt feelings later.
- Talk to your parents about if and how much they should contribute to the household finances.
- Discuss who will pay to make the home more accessible for your elderly parents.
- Talk about who will provide care when it becomes necessary and make plans for how to pay for it.
Contact an Elder Law Attorney
- Find out if living together will affect your and their taxes.
- Ask if your parents should have a contract spelling out what you will do and reimbursement plans if necessary.
- Figure out the best plan to help finance structural changes to your home is changes need to be made for you to live together.
- Discover how to protect your parent’s eligibility for Medicaid if it becomes necessary later.
Make the home accessible for elderly parents
- Plan for the changes that need to be made to make things easier for your parents. Add grab bars to the bathroom, change door knobs to levers, and make sure that railings are sturdy.
- Consult a contractor about structural changes to your home, including widening doors, building a ramp and converting a room into a bedroom.
- Plan to include your parent’s furniture and personal items to make their living space more comfortable and familiar for them.
Look at tax deductions
- It may be possible for you to claim your parents as dependents or receive a tax deduction for care and support that you provide.
- Consult with a tax professional to determine if this is possible.
Know where to go for help
- You don’t need to feel alone in your role as caregiver.
- Contact your local Area Agency on Aging (AAA) to see what social options are available as well as seeing if the parent is eligible for Meals on Wheels.
- Contact the local transportation providers to see what transportation services are available.
How Care is There can help:
- Facilitate a conversation with you and your parents about making a move
- Connect your parents with an Elder Law Attorney
- Discuss and oversee structural changes to your parent’s home
- Assist with finding a reputable contractor, get estimates for the work, hire and oversee work on your parent’s home
- Aid your loved one with finding a tax professional to answer your questions
- Help your loved one attend doctor’s appointments, pick up prescriptions and shop for groceries.
Contact Care is There today for a free consultation!
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