More people take on the responsibility of caring for older family members, but it can cost them money, time and lead to increased stress
Family caregivers often take on the responsibilities of tending to a loved one while still working and maintaining their own households — the added workload could lead to emotional turmoil, financial instability and overall undue stress.
“If adult kids may need to provide financial support, they need to know sooner than later so they can put it into their own financial plan,” said Patti Black, a certified financial planner at Bridgeworth Wealth Management who also acted as a caregiver for her parents before they died. She also recommends people encourage their loved ones to create estate planning documents, such as healthcare proxies and powers of attorney.
There are also benefits available to caregivers. The federal government provides resources to people acting as a caregiver for a parent, spouse or child with special needs. The Family and Medical Leave Act allows eligible employees to take up to 12 weeks of unpaid leave every year if they’re acting as a caregiver. Non-spouses and legal guardians may even be eligible to get paid for their work under Medicaid, though the rules vary by state, according to AARP.
“So many of our female clients fit this role, as well as myself and another adviser in our office with widowed mothers in their 80s,” Burns said. “I would say that women should really think carefully about quitting their own job to take care of a loved one.”
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