Children do not want to be in the position of having to take care of a parent on a daily basis. While this once used to be expected,it has become less and les common. The proliferation of long-term care facilities Is testament to this new reality. Moreover, when an adult child takes care of an aging parent, they open themselves up to potential charges of elder abuse, which includes financial exploitation. Thus, not only is there the daily grind of taking care of the aging parent, there is also the risk of having all your actions second guessed after the fact. This is not a burden you want to place on your child.
Simple steps can help to avoid this:
1. Execute a power of attorney with specific direction and guidance.
2. Draft a letter to each of your children setting forth your desires should you become incapacitated.
3. Set aside funds for your care.
4. Set up a trust so that you can qualify of Medicaid and receive the care you need.
In some situations, you will need a family member to take care of you, but you can make it easier on them with solid planning.