Our parents looked after us, protected us, and taught us everything we needed to navigate our lives into adulthood. It’s the kind, compassionate and loving thing to do for them when it’s clear they need our help. Though the conversation may be uncomfortable – no one wants to hear that they may not be as sharp as they once were – it’s still one that we owe to them. It’s also important to remember that they are still your parents and deserve to be afforded the same respect and dignity as you’d always shown, no matter how diminished their capacity. Read on for some pointers from Home For Life Reverse Mortgage.
Some Signs It May Be Time to Take Charge
- You notice stacks of unopened mail, not just junk mail but bills and insurance and medical notices.
- They no longer can see well even with corrected lenses.
- They’ve made unusual and unnecessary purchases. You’ll need to have access to their credit cards and banking to notice this. Another reason you want to have their credit card and banking information, as well as passwords.
- They are experiencing memory loss beyond just occasional forgetfulness. This may require even further measures if safety becomes an issue.
Keeping an Eye on Your Parent
Installing a smart camera in your parent’s home can be a prudent measure if you’re concerned about their ability to manage their affairs independently. This technology offers a discreet way to monitor their daily activities and behaviors, helping you ensure their safety and well-being from afar. It can alert you to any unusual or concerning patterns that might indicate a need for intervention or assistance.
To make the most of this setup, it’s important to keep troubleshooting resources handy. This ensures that any technical issues can be swiftly resolved, maintaining a seamless connection to your loved one’s environment. By integrating smart technology responsibly, you can provide support and peace of mind for both you and your parents.
Evaluating Assisted Living Options
Evaluating local assisted facilities becomes a crucial step when your parent can no longer live independently. This process involves more than just touring facilities; it requires a deep dive into the experiences and feedback from those who have first-hand experience with these communities. Consulting facility reports is essential to understand the level of care, compliance with regulations, and overall quality of the environment.
Equally important is reading tenant reviews, which offer invaluable insights into the daily life, staff responsiveness, and the community’s atmosphere from the perspective of residents or their families. These resources combined will provide a comprehensive view, helping you make an informed decision about the best place for your parents to thrive in this new chapter of their life.
Your Parents Should Provide These as Early as Possible
- A Durable POA will take effect once a person has become incapacitated.
- A Living Will is a legal document that specifies requests for end-of-life care.
- A current, signed will and its whereabouts.
- Copies of Medicare, Medicaid, and any other insurance cards.
- Birth, marriage, and divorce certificates.
- Military discharge papers, naturalization, or citizenship status papers if they’re immigrants.
- Names of doctors with a list of medications and pharmacy location.
- Automobile registration and/or title.
Downsizing
Downsizing to a smaller, more manageable home is a great option for those who do not want to move into assisted living. Start by using this calculator to determine the value of your parent’s current home. You can also arrange for your parents to transfer ownership of their home to you so that you can handle the sale yourself. You’ll also want to have your parent’s new, smaller residence already selected so that you can complete the move as seamlessly and painlessly as possible. A search of local rentals can provide you with a good basis for exploring your options.
It’s a good idea to hire professional movers to streamline the process, as well.
If Your Parent Is a Business Owner
If you don’t want to take over the running of your parent’s business, Synergy Business Brokers notes that you may have to sell it for them once they’re no longer able to manage it. There are different requirements depending on if they are the sole business owner or if they have partners. Or, if the business is a sole proprietorship, an LLC, or a multi-member LLC.
First, you’ll need a complete valuation of business, its assets, including real estate and inventory, and debts. You will need access to all the company’s documents like business tax returns, customer and vendor contracts, and building and equipment leases.
You’ll want to have an attorney to help with the dissolution of business, but you can save yourself a lot of billable hours by gathering as many documents as you can prior to the formal sale.
It can be a relief to both you and your parents, knowing they no longer have to be responsible for their finances. They are free to enjoy the things they are able to do, and you are free to enjoy your time with them without constant worry. It’s what you would want someone to do for you when the time’s come.
To learn more about how a reverse mortgage can help you meet your financial needs, visit Home For Life Reverse Mortgage today!
By Lisa Gonzalez elderscorp.org