Many seenagers are out living their nest eggs and need financial assistance for critical care and other daily expenses. It is best to have a discussion about finances while your seenager is still able to actively engage.
Where to find money for caregiving:
You may want to validate there is enough cash on hand to handle the upcoming expenses with a runway that you and your Seenager are comfortable with. If you are going to write checks on their behalf it would be helpful for you to be added on their account.
Long term savings: bonds, annuities
Date of maturation and need for funds will dictate when you have to help your Seenager with cashing those out.
Retirement Plans for seenager and spouse employers: Pension, 401K plans, IRA
It really would be worthwhile to go through the entire resume for your Seenager and their spouse. Talk about each job they have had and what retirement benefits they had during that job. They may be eligible for some pension benefits, unheard from today’s employers, but very customary in the last decade.
You may want to be aware of your Seenager’s and their spouse’s life insurance
Long term care
Unfortunately most Seenager’s do not carry long term care insurance. For those that do, it takes some doing to understand and then avail of the benefits with the limitations.
Real Estate: Equity / Mortgage / Reverse mortgage
Your Seenager may be able to use equity in their home that can be used for critical expenses.
Jewelry artwork collectibles
There maybe jewelry, artwork and collectibles that you can help your seenager inventory and sell. One of my colleagues came across fur coats and tea cup collections. I myself have Centennial Olympics memorabilia. Especially for jewelry evaluate of value would be prudent.
Social security for self and spouse + Social Security disability income
Social security income for your Seenager and their spouse is probably one thing that your Seenager is already aware of and taking advantage of. The SSDI is something that your Seenager maybe able to qualify for, this can provide supplemental monthly monies to take care of needed expenses.
Military – spousal support from benefits
I heard some one miss several years of benefits because they forgot that their spouse worked for the military and may have some retirement benefits.
There maybe investment in businesses that your Seenager made over the years and could use a little reminder about.
Their maybe other possible care givers (kids, siblings, etc.) that are not willing to spend time taking care of the Seenager, but would be willing to help financially.
Claim as dependent
If you are providing financial support for a parent, even when they are not living with you, you maybe be able to claim (you will have to speak with your tax professional about your specific situation) them as your dependent on your tax return and receive tax credits for their medical expenses, caregiver expenses, home modifications, limited transportation, etc.
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Conversation with our experience coach is for informational purpose only and not a substitute for professional advice.