Gibraltar Private Bank & Trust Discusses Strategies for Caring for Aging Relatives
With nearly 10 million adult children over the age of 50 now caring for their aging parents, Gibraltar Private Bank & Trust (http://www.gibraltarprivate.com) is identifying key strategies for caregivers to consider that will help them deal with this challenging time.
A recent MetLife study shows that a quarter of adult children, mostly baby boomers, are currently providing personal care and/or financial assistance to a parent. Equally startling, the percentage of adult children providing these types of care to their parent has more than tripled over the past 15 years.
Gibraltar Private Bank & Trust recommends that caregivers keep the following points in mind.
1. Start the caregiver conversation earlier, rather than later. Sometimes itís easier to have the discussion with a parent if you have just gone through the process in your own life, for the benefit of your kids. Then, you can speak from experience and make it less intimidating.
2. If you have siblings or if there is another parent who will also be affected, be sure you get everyone talking together. Conflicts occur largely because of the lack of communication. Differences in opinion and agendas must be reconciled earlier, rather than later.
3. Coordinate with all the professional advisors, including health care, legal, and accounting professionals. All the relevant documents must be up-to-date and must be applicable to where the elderly parent may be residing. Some documents written in one state or county may not be accepted in another state or county.
4. Remember that infirmity can progress gradually or can occur in a moment of time. Prepare for both, including the different levels of disability.
5. Maintain the parentís sense of control and independence. From the parentís perspective, talking about what will happen after the parent dies or no longer has capacity may lead the parent to think you are anticipating their decline and demise. Therefore, it is important that you, as children, be sensitive to what may be viewed as a threat to the parentís independence. In having these discussions, emphasize that these difficult topics need to be discussed in advance so that the family members know what to do if the parent becomes unable to express his or her own desires regarding their care and management of their financial matters.
About Gibraltar Private Bank & Trust
Established in 1994, Gibraltar Private is an integrated private banking and wealth management company dedicated to enhancing the wealth and well-being of its clients and their families. Gibraltar offers residential and commercial lending, private banking and wealth management services to professionals, corporate executives, entrepreneurs, affluent retirees, and select businesses.
Gibraltar Private has eight full-service banking offices with its headquarters in Coral Gables, offices in Fort Lauderdale, Miami, Miami Beach, South Miami, Naples, Ocean Reef and New York, and a loan production office in Aspen, Colorado.
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