Too few Americans have prepared for the financial challenges of assisting parents as they reach old age, says Rick Dover, Knoxville entrepreneur. As well, the economic recession has put a major dent in the savings of most people. As a result, millions of households are facing unexpected expenses such as assisting underemployed or unemployed adult children. Now more than ever, it’s important to prepare for the later years. Caring for aging parents can be financially and emotionally trying, according to Dover, but the process can be made much easier with a few simple adjustments.
Most of today’s seniors have yet to acquire long-term care insurance policies, reports Rick Dover, Knoxville business owner. In cases when a parent’s health declines quickly, it’s necessary for loved ones to have the legal authority to carry out health and financial decisions for them. Documents like a living trust or a will can allow children to make decisions related to their parents’ health.