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Home >> Estate Planning Articles >> Helping Your Parents Age Gracefully

Helping Your Parents Age Gracefully

November 30, 2011 by Robert Kulas.

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

As you look back over your life, you realize just how much your parents’ support has meant to you. They were there as you took your first faltering baby steps, they supported you with advice and encouragement as you navigated adolescence, and, even as you ventured into adulthood, you knew your parents would be there to help you face life’s unending questions and challenges.

Years later, the roles are reversing. You watch your parents’ steps become unsteady, and you realize that they need help facing their own questions and challenges. You want to help your mom and dad age gracefully, and that means knowing how to meet their needs while helping them remain as independent as possible. It can be a tricky balance to strike, and planning ahead is essential.

Tax Planning

If your parents have accumulated substantial assets over their lifetimes, they’ll likely need to do some tax planning. Planning ahead will enable your parents to pass on as much of their estate as possible to family, friends, and charity rather than having their wealth eaten up by estate taxes.

Medicaid Planning

For those who don’t have significant wealth, Medicaid planning is a key concern. Without advance planning, nursing home care or assisted living costs could drain your parents’ savings, leaving them with a very low quality of life. Planning at least five years ahead can make all the difference. It can help your Mom and Dad qualify for Medicaid coverage and still have money to pay for a few of life’s pleasures – and maybe even allow them to leave a little behind for their children or grandchildren. Medicaid planning may even save the family home.

Trust Planning

No matter what your parents’ financial situation is, a Revocable Living Trust can be a helpful planning strategy. Your parents can place their assets in the Trust and manage the Trust as long as they are healthy and capable. They can name you Successor Trustee so that if their health begins to decline, the framework will be in place for you to take the reins and manage their finances for them.

The beauty of this arrangement is its flexibility. If your parents only need a little help – for example, if they need you to take care of their bills for a few months while your mom recovers from surgery – the Trust lets you help out for a while and then transition control back to your parents. If, on the other hand, there’s a sudden and permanent need for you to take over, the framework is there for you to do so, immediately, and without the need for court intervention or permission.

These are just a few of the planning tools available to smooth the transition for you and your parents as they age. An estate planning attorney can show your family all the options for helping your parents age gracefully.

Kulas & Crawford

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

~Janice M
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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
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August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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