Skip to main content
• Social Media: Connect with UsAccessibility  |  About  |  Contact  |  Privacy  |  Terms

Caring for Aging Parents

  • Published: 2011-07-07 : Condor Capital.
  • Synopsis: Caring for elderly parents can be physically and emotionally overwhelming to both the parent and child.

Main Document

How to care for elderly parents is a major concern for many families. It can be physically and emotionally overwhelming to both the parent and child.

Andrew Novick, Esq., CFP, VP of Client Service at Condor Capital, a fee-only investment management firm in Martinsville, NJ, feels that families who discuss options and agree to a plan will be better able to handle unexpected events. Novick provides assistance on a variety of financial planning topics to Condor clients.

Novick says the first step is to start discussing the situation with your aging parents and the possible need for change.

The conversation should not be limited and needs to cover a range of topics. Once you've opened the lines of communication, Novick suggests preparing a list of the parents' personal data, which should include financial, legal, medical, and insurance information that might be needed in an emergency. This record should also be kept in an easy-to-reach location.

Depending on your parents' age and current health, living situations may need to be altered.

If they wish to stay in their current home, but are having difficulties, Novick often recommends finding home care. Alternatively, a move to a retirement community, such as independent living or assisted living, may be appropriate. It is important when investigating housing options to completely understand the cost and services provided. For some families, having the parent move in with the children is the best option, but even in this case costs and expectations regarding the living arrangements should be discussed upfront.

Caring for the elderly can be quite expensive so a thorough review of your parents' finances must be conducted.

If they are not in good financial shape, you may feel obligated to provide supplemental financial assistance. Before you can determine the best way to help your parents financially, Novick recommends an examination of your own financial picture. You will need to consider your current expenses and look to the future to avoid jeopardizing your own retirement or your child's education by overextending yourself. If you find yourself supporting your parents financially, you may be eligible for certain federal income tax breaks and should seek out assistance from a tax professional.

A variety of organizations are set-up to help the elderly, but Novick feels that the Eldercare Locator (800-677-1116), a public service of the U.S. Administration on Aging, is a good place to start. It is a nationwide service that connects older Americans and their caregivers with information on senior services.

Condor Capital - Founded in 1988, Condor Capital is an employee-owned, SEC-registered investment adviser based in Martinsville, N.J. employing 15 professional and support staff. Since Condor is a fee-only, investment management firm, its fees are based on portfolio size, not sales commissions or number of trades. For more information on Condor Capital, please visit www.condorcapital.com or call 732-356-7323.

Similar Topics

1 - Caregiving by Family Members and Other Unpaid Individuals - American Geriatrics Society.
2 - Film Highlights Absurdity of 15 Minute U.K. Care Visits - UNISON.
3 - Delays in California Caregiver Payments Hearing - Disabled World.
4 - Report Reveals Distress, Anger, Depression and Burnout Among Family Carers - Health Quality Ontario.
5 - Home Care: LGBTQ People Often Invisible - York University.
From our Carers Guides & Services section - Full List (70 Items)

Submit disability news, coming events, as well as assistive technology product news and reviews.


Loan Information for low income singles, families, seniors and disabled. Includes home, vehicle and personal loans.


Famous People with Disabilities - Well known people with disabilities and conditions who contributed to society.


List of awareness ribbon colors and their meaning. Also see our calendar of awareness dates.


Blood Pressure Chart - What should your blood pressure be, and information on blood group types/compatibility.



1 - Slight Fluctuations in Movement Correspond to Autism Diagnoses
2 - wheelAIR Innovative New Cooling Wheelchair Backrest Wins Support on Dragons Den
3 - DIVAS Rule the Runway at The Woodlands
4 - Ultra-thin Optical Fibers Provide Way to Print 3D Microstructures
5 - Brain Imaging Predicts Language Learning in Deaf Children



Citation


Disclaimer: This site does not employ and is not overseen by medical professionals. Content on Disabled World is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of a physician or other qualified health provider with any questions you may have regarding a medical condition. See our Terms of Service for more information.

Reporting Errors: Disabled World is an independent website, your assistance in reporting outdated or inaccurate information is appreciated. If you find an error please let us know.