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Tips for preparing a parent to move

The Parent Trap
Tips for preparing for a parent to move in
Courtesy of Abbott Wealth Management
Most of us thought that moving out of our parents’ home to go to school, get married, or to move into our first place was the last time we’d be cohabitating with our parents.
But, for many of us, the idea of having an elderly parent move in with us has become a distinct possibility. Why? Because Canadians are living longer than ever before, and many people from our parents’ generation are dealing with the stress of potentially outliving their life savings.
We wanted to give you some tips for preparing to have an elderly parent move in with you. That said, there are so many considerations for an event like this that we recommend contacting our office  to get a more complete picture of what you should do to prepare for such a big step for you and your parent.
Tip #1 – Deal with your nuclear family to avoid any nuclear meltdowns
Having a third generation move in with your family is a tremendous opportunity for your family to gain insights on generations past, as well as to learn more about the aging process.
That said, this type of event can be quite disruptive to how your family currently functions. Your interactions with your children, meal times and social occasions may be some of the everyday events that could be impacted as a result of the addition of an elderly parent.
It’s important to include your spouse and children in the planning and execution of bringing another individual into the house, and ensure everyone has a say in how this new living arrangement is going to unfold. The ability to voice objections and concerns should be encouraged and addressed beforehand so that everyone feels they are being heard and respected.
Tip #2 – Prepare your home
Since most of us don’t live in mansions, adding an additional person into the mix can be a challenge. Discuss and decide how you will share your space in the most sensible way possible. Also, be sure to do your research and even visit your parent’s doctor so you know exactly what your parent will need when moving in with you. Things to research and discuss include your parent’s ability to get around your home (and any changes you may need to make to ensure access to most or all areas of your home), as well as any medications and medical training you’ll need for emergency situations related to the elderly.
Tip #3 – Consider the financial impact of this change
Making changes to your home for mobility and other reasons are just the start of the potential expenses you may incur as a result of an elderly parent moving in.
Your food and energy costs may go up as a result of this change, and there could be any number of other potential expenses. You should ensure you budget for any additional expenses, and track these new costs for your future budget planning.
Although it may require a lot of work to help your parent make the transition to living in your home, it may also be one of the most important things you ever do. Please contact our office today to discuss how you can plan for a smoother transition, as well as to ask about any tax benefits you may be eligible for as a result of this change.
Abbott Wealth Management
207-1211 Summit Drive
Kamloops,BC, V2C 5R9
Phone:250.372.3736
Toll Free: 1.877.922.2688
Fax: 250.372.7527
E-mail: info@abbottwealth.com
Web: http://www.abbottwealth.com

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