Back to All ArticlesCaring for Aging Parents Pt. 2: When Should You Step into a Caregiving Role?
- Caring for Aging Parents
- Long-Term Care Planning
- Caregiving
As your parents age, their needs will naturally evolve, which is why preparing early and developing a caregiving plan, that we discussed in part one of this blog post, is essential. So, when is it time to put that plan into motion? In part two, we explain key indicators that it’s time to step into your caregiving role and share additional resources that can help lighten the physical and emotional load when the time comes.
When Should You Step into a Caregiving Role?
Your parent(s) will likely experience various phases, starting with light support and progressing to more intensive care. Trust your instincts — if something feels off, it probably is. Remember, parents may hide struggles to maintain their independence.
Here are key indicators that may prompt you to step in:
Light Support
During this stage, you may notice your parent(s) becoming more forgetful, which may impact their ability to stay safe or manage everyday tasks.
- What you can do:
- They may need extra support running errands, preparing meals, getting to appointments on time, or making some minor home modifications for safety.
- Take a closer look at how finances are being handled. Consider automating monthly bill payments and discuss whether you can be a second set of eyes on bank and investment accounts.
- Confirm whether estate planning documents are up to date and where the originals are stored.
Increasing Care Needs
You may notice frequent falls, missing medications, inability to handle housework or personal hygiene independently, or financial red flags like unexplained withdrawals, unpaid bills, or susceptibility to scams.
- What you can do:
- Discuss whether you or another family member should be added as a signatory on bank accounts, named co-Trustee and/or given Power of Attorney rights so you can assist with financial matters.
- Consider engaging a visiting or part-time nurse, or geriatric care manager to help arrange in-home care and monitor their progress.
- Evaluate assisted living or expanded in-home care options, depending on their wishes and what is affordable.
- Research pricing models and waitlists now so you know your options before they’re needed. You may need to get on waitlists earlier than you’d expect due to high demand.
Full-Time Care
At this stage, your parent(s) may be experiencing declining health or memory loss, going to the hospital frequently, or can no longer be sufficiently cared for in their home.
- What you can do:
- Understand how financial and healthcare decisions will be made in the event of incapacity.
- Review estate plan documents and confirm your parents’ wishes.
- Review their long-term care policy and coverage options.
- Evaluate nursing facilities as needed.
- If their health is in serious decline, get educated about how hospice works so you understand the process before it’s needed.
Helpful Resources to Get Started
While we do not have firsthand experience with all the resources below and are not formally endorsing them, they may be a helpful starting point in your planning.
- The Village Movement: Started by aging people who wanted to remain in their homes while accessing support, this volunteer-fueled network has expanded nationwide, helping coordinate services such as transportation and household chores for seniors. This is helpful for aging parents who require light support. Learn more at: Village to Village Network.
- Geriatric Care Manager: A geriatric care manager can be beneficial if you don’t live near your parents or when your parents have increasing in-home needs and would like to continue living independently as long as possible. Pricing varies by geography and services provided. Find one through referrals or medical professionals, or search here: Family Caregiver Alliance
- GoGoGrandparent: Similar to rideshare and service apps like Uber and Instacart, GoGoGrandparent makes requesting a ride or delivering meals and groceries easier for seniors without requiring a smartphone. Learn more: GoGoGrandparent
- Daily Money Manager (DMM): A bookkeeper can help individuals keep mail organized and stay on top of their bills, ensuring important ones are paid on time. Vet these resources carefully before entrusting them with your parents’ financial details. You may be able to ask a local elder law attorney whether they know trusted resources for seniors.
- Senior Living Specialist: A senior living specialist provides guidance for identifying assisted living facilities near you or your parents. Typically paid by the facility, they can help you arrange tours to see which might be the best fit for your parents’ needs.
- Support for Caregivers: From resentment and worry to fatigue, caregivers often experience a range of emotions that can affect their quality of life and health. Connecting with other caregivers can provide valuable support. Find resources for local support: Family Caregiver Alliance - Support Groups
- Elder Fraud Support: Seniors are often vulnerable to financial fraud and scams. If you notice new people assigned to your parents’ bank accounts or unusual financial activity, or your parent has been a victim of a scam, contact their financial advisor and attorney in addition to reporting it here: National Elder Fraud Hotline
Remember: You Can’t Pour from an Empty Cup
Caregiving takes a significant toll. Studies show family caregivers experience higher rates of depression, anxiety, and chronic health conditions compared to non-caregivers, with nearly 40% reporting symptoms of depression. 1 The physical and emotional demands of caregiving can lead to burnout, affecting your own health and well-being.
Give yourself permission to take care of yourself. Schedule respite care, accept help from others, and remember taking care of yourself isn’t selfish — it’s necessary. You’ll be a better caregiver when you’re not running on empty.
Also recognize sibling dynamics can complicate caregiving. Family members often disagree on care decisions. Consider holding regular family meetings to openly discuss responsibilities and decisions, which can help prevent conflict down the road.
Caring for Aging Parents: How Quantum Helps
By tapping into the resources outlined above and connecting with a strong support system, you may be better positioned to take care of your parent(s) — and yourself — when the time comes. At Quantum, we often help clients in this stage navigate care options, advise on insurance needs, and integrate new expenses into their overall financial plans.
If you’d like to learn more about preparing for this chapter, please contact our team.
DISCLOSURE: Quantum Financial Advisors, LLC is an SEC registered investment adviser. SEC registration does not constitute an endorsement of Quantum Financial Advisors, LLC by the SEC nor does it indicate that Quantum Financial Advisors, LLC has attained a particular level of skill or ability. This material prepared by Quantum Financial Advisors, LLC is for informational purposes only and is accurate as of the date it was prepared. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Advisory services are only offered to clients or prospective clients where Quantum Financial Advisors, LLC and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Quantum Financial Advisors, LLC unless a client service agreement is in place. This material is not intended to serve as personalized tax, legal, and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Quantum Financial Advisors, LLC is not an accounting or legal firm. Please consult with your tax and/or legal professional regarding your specific tax and/or legal situation when determining if any of the mentioned strategies are right for you.
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- Caring for Aging Parents
- Long-Term Care Planning
- Caregiving
Wende Headley, CFP®, MBA, CDFA®
Wende Headley is the Chief Executive Officer of Quantum Financial Advisors, LLC. Wende is also a Financial Advisor directly to clients and a founding partner of the firm.
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