We all know that caregiving for elderly parents typically falls more on daughters. New research shows just how draining that can be. In the three years surrounding the death of a parent with dementia, an adult daughter was 28% more likely to have a mental health care visit than a daughter whose parent died but did not have dementia. (For sons, the increased likelihood of seeking out care was 17%.)
I don’t share that just to warn you. I am hoping it encourages you to do what you can today to support that adult child in the event you do develop dementia. Don’t “Oh Suze” me. Don’t you dare. Look, we all hope that we will not suffer from dementia. But that’s sort of oddly selfish, right? None of us knows what the future holds. To simply hope that you won’t develop dementia isn’t standing in your truth.
While you can’t control whether or not you develop dementia, there is plenty you can do today to reduce the stress an adult child will encounter if one day you do develop dementia.
Make it easier for them to step in and help.
There are four MUST HAVE® Documents that every one of us, no matter our age or our health, should have: Will, Revocable Living Trust, Financial Power of Attorney, and a Durable Power of Attorney for Health Care with an Advance Directive.
All are so important. But from a practical standpoint, the Financial Power of Attorney may be the biggest help if you someday do develop dementia. This is the document that will allow the person appointed to step in and handle your financial accounts. Paying bills, dealing with the bank, handling the insurance, etc. I want to stress that you should have all four Must Have Documents, but the financial power of attorney is the one doc that, when you create it today, you are making life so much easier for your daughter or any caregiver.
And please don’t tell yourself you have time to do this sometime in the future. Procrastination is not how you take care of your loved ones today. This may not be the most fun chore on your plate, but my goodness, once you check it off your to-do list, you will be so relieved. And though you and I both hope it never comes to this, there may come a day in the future when an adult daughter (or son) will be so grateful you set this up.
Consider long-term care insurance.
Anyone in their 50s and in good health can ease any future financial burden their caregivers may encounter with an LTCi policy. Yes, this is a significant step, as annual premiums can be a few thousand dollars a year. But the monthly cost of at-home care, or fees for assisted living or memory care, can be even more. I encourage you to learn more at the gotltci.com website.
Focus on what’s in your power today.
I want to make it clear that I totally understand the desire to avoid all of this, or just tell yourself you will get around to it soon. But I also know that for many families, it never gets done. There is no question that your adult children will step in and care for you. The question is: will you have taken the steps that make it as easy as possible?
Top Resources for You
The Ultimate Retirement
Guide for 50+
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MUST HAVE® Documents
Online Program
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9 Steps to Financial
Independence Online Course
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