It can feel strange and overwhelming when you get to the point of needing to provide care for your parents. This issue is becoming more and more prevalent as medical and technological advances help people live longer and potentially outlive their assets.
It's not uncommon during an estate planning meeting for a client to ask about how to provide financially for a parent. There are options out there, as exemplified in the following WSJ article - http://on.wsj.com/YzCAjv. However, before any option is implemented, it is important to sit down with your estate planning attorney to make sure that what you are thinking of doing best serves you and your parents' needs since certain options can have adverse tax and benefit implications. It is possible to provide for your parent, but please take the time to make sure you do it in the best way possible.
For more information, Tiffany can be contacted at tiffany@OConnellLawGroup.com or (508) 202-1818. Additional information is also available via the O’Connell Law LLC website: www.OConnellLawGroup.com.
