Millions of baby boomers today are helping to care for aging parents. Whether it’s handling healthcare needs or helping with the day-to-day aspects of life, baby boomers are serving as the stopgap for older parents who might not have anticipated their needs in advance. The pressure put on baby boomers in this situation highlights the importance of proper estate planning.
Many people caring for an older parent are doing so while juggling responsibilities of their own, like working full time and taking care of immediate family members. Some have even put their own health care on hold in order to care for a parent in the short term.
While people often underestimate the cost of retirement and the assistance they might need during this period, some proper planning in advance could help to relieve the amount of responsibility falling on adult children.
A study from AARP in 2010 shows that the ratio of possible caregivers for every person in the high risk category of 80 years or older was 7 to 1. By the year 2030, that number is expected to drop as far as 4 to 1 due to longer life spans, smaller families, and increasing rates of disability.
Relying on friends and family members for care probably shouldn’t be the only approach towards retirement and old age planning.
Baby boomers are more likely than other generations to have disabilities later in life, possibly even impacting their ability to make decisions about their own care. Deciding to set an estate plan in place earlier on can give you peace of mind and ensure that no matter what happens in the future, you have some groundwork laid with your will, trusts, and other critical estate planning documents.
If you are prepared to get started with your own documents and planning, contact an Illinois estate planning attorney today.