Michigan residents may be among others in the nation who are finding that they are responsible for taking care of aging parents from a distance. Jobs, marriage or lifestyle choices may require individuals to live far from their parents.
People may find that it is easier to move their parents away from their home and into a location that is more convenient for them. This may accommodate them as they advance in their careers and still provide support to their aging parents. If a person finds that too much time is spent traveling back to his or her parents to address health and financial issues, his or her career progress may be compromised.
Caring for the health and finances of one's elderly parents can be a delicate balancing act. Moving one's parents close by and hiring a third, trusted party to handle the parents' finances may be a couple of steps to consider. The nearness of the parents may save time, money and worry for their children. Hiring a professional to handle one's parents' monetary responsibilities will also free up one's time and may help to ensure that the parents are not placed in vulnerable financial situations.
Many children want to provide the best support to their parents while they are alive. Parents may also want to be sure that their children are provided for after they pass on and also make sure that their assets are not tied up in protracted probate litigation. An attorney may be able to provide advice and the necessary estate administration paperwork that may help ensure that the parents' wishes are met.
Source: Market Place, "Taking care of aging parents, from a distance", Vanessa Vick, November 19, 2013