Wednesday, April 10, 2019
People are living much longer than they once were, and that means more and more Americans that are in their 60's have one or both parents still alive. This is creating a growing number of issues for the senior population, for the advisors who are trying to help them, and for society.
By 2016, nearly 28% of the 60- to 69-year-old population, or just shy of 10 million people in this age range, had a living parent. This is up from 20% in the same age range in 1998. “Compared to just 10 years ago, I am seeing three times as many clients who are dealing with helping older parents,” says James Sullivan, vice president and financial advisor at Essex Financial in Essex, Connecticut. People that are older are worrying about their parents that are nearing the 100 year mark.
Assisting an elderly parent can cause significant lifestyle changes to an adult child, especially if the parent is suffering from cognitive disabilities. People dealing with these situations should consult an elder law attorney, because there can be unintended consequences to many actions. Inheritance alterations, mental capacity to sign certain documents, inventorying all of the parents' assets, and determinations of guardianships are just a few of the legal hurdles that can come up.
See Karen DeMasters, Moving in With Mom and Dad, Financial Advisor, April 1, 2019.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.