When we are children our parents are pillars of strength who are larger-than-life. And even as we get older we invariably rely on our parents for good advice and sometimes even some financial assistance when and if it is necessary.
However, there comes a time when the tables can be turned. With this in mind it is a good idea to evaluate the well-being of your aging parents on an ongoing basis.
Some people are too proud to ask for help, and this is something to be aware of when you are watching your parents grow older. If you see any signs that assistance is necessary it is time to have a serious and heartfelt discussion.
According to the Social Security website 40% of senior citizens will need nursing home care per se. And most senior citizens will need some form of long-term care whether it is in the home or in an assisted living community rather than a nursing home.
This care is extremely expensive, with the average annual expense for residence in a nursing home exceeding $100,000 in New Jersey. The Social Security Administration tells us that one out of every 10 individuals who is residing in a nursing home will require the care for at least five years.
Given the above there are serious financial ramifications to consider as well as personal ones. If you are concerned about the well-being of your parent or parents the wise course of action is to discuss your options with a licensed and experienced central New Jersey elder law attorney.
The Augulis Law Firm is a member of the American Academy of Estate Planning Attorneys.