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As a child, you relied on your parents for everything, but you might find the tables turning as an adult. In later adulthood, many seniors find themselves out of money. They may have lost it to debt, medical bills, or not earned enough through social security to sustain themselves. When your elderly parents run out of money, you want to do everything to help them, but you may not be able to afford their care. In cases where a parent is in an assisted living home, their inability to pay could result in you having to take over their care. This can be difficult for any family, but you can take strategic measures to protect your parents and give them the quality of life they deserve.
Reach Out to Your Siblings
When your parents are facing housing or food insecurity, you need all hands on deck. If you have siblings, reach out to them and explain the situation. Let them know what your parents are dealing with and discuss a plan. For example, you may all decide to contribute money to them each month, which can ease the strain each of you faces financially. There may also be debates about the best course of action but try to handle it as civilly as possible. Remember that your parents’ wellbeing is the most important thing.
Provide Your Parents Financial Support
According to filial laws, adult children are responsible for paying for an impoverished senior parent when they can no longer financially support themselves. You can review a guide on what filial laws are and how they work to better understand what legal obligation you may hold. While the laws aren’t heavily enforced in every state, their existence raises an important question. What responsibility does an adult have for their aging parent? And what can they do to help them when they need it most?
Get to the Root of the Problem
If your parents’ financial hardship is being brought on by debt, address them first. If you can help them refinance loans or pay off any outstanding dues, they may be able to manage living well on their own afterward. Sometimes, seniors are not fully aware of how to check their credit reports, resulting in fraudulent claims that dwindle their savings. Walk your parents through the process of getting their debts prioritized, then make a plan to work through the list together.
Consider Downsizing
If your parents moving in with you isn’t an option, you may want to discuss downsizing instead. Selling their home could give them a lump sum of money, which can go toward rent in a senior living community. Downsizing their car could also help lower their monthly payments and insurance premiums. You should also look into assisting them to trim unnecessary purchases or excessive spending. For example, if your mom orders a lot from QVC or your parents constantly have a high grocery bill, these problems should be addressed as part of their financial recovery plan.
