Caregiving has become a common topic of conversation among adult children who are now taking care of their elderly loved ones. When someone has had a decline in cognitive or physical ability, the first reaction is often to leverage family members or friends to ensure that this person’s safety is not compromised while still allowing them a level of independence.
Unfortunately, however, the cost of caregiving can be extremely high. A recent study from Fidelity Investments found that 62% of caregivers report being overwhelmed with financial stress.
Of those who step back from their careers to focus on caregiving, the average time they spent out of the workforce was 20 months which could have a significant impact on their short-term finances and even their retirement plan. 53% of those same respondents also say that their caregiving period turned out to be longer than expected and nearly 40% of them earned less when they went back to work. The toll of caregiving can be significant on other aspects of your life but it’s still a choice that most people would make when wanting to take care of their loved ones.
When you need the support of an experienced estate planning lawyer to discuss your caregiving options and to put in place strategies that will help you qualify for Medicaid and make the most of a situation in which you might need advance care, you’ll rely on the support of a knowledgeable estate planning lawyer in MA to help you get there.
