When the economy sours, global stability shakes, wages stagnate, and health costs soar, it’s not uncommon to see many younger families taking in their aging parents. Many elderly are priced-out with rising living costs. This creates a tough spot for families as they must make the decision on how best to deal with their aging parents.

There are several options to take care of aging parents, like hiring an in-home caretaker or moving them into an assisted living facility. A third choice is to have them move in with you. Their moving in may become a mutually beneficial decision for their well-being and the family’s financial security.

Here’s what you should know about the challenges (and solutions) to caring for elderly family members.

Injecting New Capital into Building Family Wealth

You can no longer claim a parent as a dependent if they’re living with you. However, there is a $500 tax credit for each non-child living in your home. This, along with their social security acting as contributions, can lead to many opportunities to build family wealth.

Now is the time to explore home improvements and upgrades to improve quality of life while raising the home’s value in the same stroke. This extra financial stream could afford the home services for a home addition acting as a mother-in-law suite.

However, it’s best to discuss financial obligations before accepting them into your home:

• Is there an expected rent?
• Will they contribute to groceries, utilities, and regular expenses?

Weigh their contribution to costs for caregiving services, senior communities, or facilities. Outline the finances and agree to terms so this doesn’t become a major stressor with their companionship.

There are Ways to Make Their Stay Enjoyable and Safe

Their safety is one of the utmost importance especially if they’re showing their age. It’s easy navigating your home due in part to your youth. But, this may pose a problem for your aging parents. In fact, many minor items can lead to very dangerous situations like trips, falls, abrasions, and worse.

What are some ways to “parent-proof” your home?

• Install mobility items like ramps to the front/back door, railing along stairs, or a home elevator
• Add more, bright lighting throughout the home improving their visibility — this includes nightlights
• Declutter the best you can removing items they may bump and bang when wandering the space
• Consider converting bathrooms opening its space for mobility and safety via walk-in showers and grips
• Develop an organization system as they bring medications and possible health aids into the home
• Redesigning an old room into their space or adding accessibility like lowering cabinets

Parent-proofing your home is very much like making the space home for toddlers. The goal is to improve home safety while giving them freedom of movement ensuring a healthy/quality stay.

Boundaries are Tested but Managed through Communication

There are many questions you, your spouse, children, and parent(s) need to consider:

• Expectations
• Concerns
• Realities

These are your parents but you’re welcoming them into your (and family’s) home. There are times when the relationships are tested by exploring boundaries. This may happen with their discipline to your children. Their helicoptering. Or, how they contribute to the home and whether they’re attempting to assimilate.

Communication is essential for the wellbeing of all parties.

• Set expectations including how they’ll contribute while setting boundaries
• Relieve their concerns by giving them space but aligning goals
• Face the realities of finances, privacy, and authority

They’re your parent(s) but it’s your home — stand your ground and draw the line.

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Taking in an aging parent is a monumental decision — this can turn out quite rewarding for all parties. There will be items to discuss and goals to align. Use the combined finances to make the appropriate upgrades. And, work together building stronger relationships and family wealth.

Need help planning home upgrades and expansions for an expected parent moving in? Get in touch!