Over time (that is, until your kids grow from babies to adults), nothing financially can remotely compete with the challenges you face in getting the young ones scrubbed up and ready to head out the door to college or the work world, right?
Uh, wrong, at least according to a batch of statistics that starkly denote otherwise.
In fact, research into both child-rearing costs and long-term care needs for elder family members indicates that it often costs families more to take care of mom and dad — even for a relatively few short years — than it does to foot the proverbial bill for growing kids over many years.
The bottom line regarding the funds required to help aging parents in their latter years can be starkly eye-opening, if not more than a bit scary, to all but the most affluent families in Arkansas and nationally. A recent report on the topic refers to the “enormous cost” that confronts many individuals and couples, and often at the same time that they are providing for their own children.
That can be a double whammy, to be sure.
Fortunately, it doesn’t have to be endured passively or without utilizing resources that can help to defray the costs.
Timely estate planning, for example, can be of tremendous utility to families contemplating the financial challenges that will likely arise concerning outlays for elder-care needs. There are a number of options and strategies that families can consider as they seek to implement sound plans geared toward the well-being of older loved ones.
An experienced estate planning attorney well versed in elder-care considerations and with a demonstrated record of advocacy on behalf of seniors can work with a family to address concerns and craft strategies that will promote family objective in caring for and protecting cherished senior family members.