WALL STREET JOURNAL
By  Charlie Wells

Our relationship to money changes as we get older. So do the mistakes that we make with it.Every new stage of life brings new financial strategies we need to follow. And at every stage we find new ways not to follow those strategies, costing ourselves money and jeopardizing our security.
What’s more, economic and demographic changes ensure that those mistakes aren’t static, so that the mistakes of the current generations aren’t the same missteps that their predecessors struggled to avoid.

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More Americans are living longer.  What happens when an aging parent can no longer care for themselves? Oftentimes, if arrangements have not already been made, their children step in and take responsibility for them. Here are some interesting facts from AARP:

• This is the first time in history that American couples have had more parents than children.
• Today, the average American woman can expect to spend 18 years caring for an older family member, compared to 17 for her children.
• Almost 40% of all U.S. workers are more involved with caring for a parent than a child.

The odds are high that someday you may be required to care for an aging parent at some point.  It can be hard to know when your parents need help because, often times they will not ask for it. They may not want to be a burden or they feel as if they’re imposing. Before jumping in, you should consider the following:

• How much help is needed?
• If siblings are involved, do you divide and conquer? Geography is a factor when most are not in the same location or town.
• What are the costs involved?
• What type of care is needed?
• Do they have any Long Term Care Insurance?

Once the above questions are answered, you are able to draw a clearer picture of what and who needs to be consulted, such as: an attorney, a certified financial planner and a daily money manager.

Attorney: It is important to remember if you are going to begin to take on the responsibility be sure you consult with an attorney to establish decision making authority so you are able to make the care decisions. 

Certified Financial Planner: You should also consider consulting with a certified financial planner to establish a good working picture of your parents financial status and available funds for payment of care. 

Daily Money Manager: Another professional to consider is a Daily Money Manager. They can take care of your parent's day-to-day financial concerns are provide a report of bills paid, financial events (keep track of important papers and renewals vital of insurance policies) as well as provide a second set of eyes on bank accounts to catch unnecessary fees and prevent identity theft.

Every family is different and the needs for caring for an aging parent are ever changing.
The key is to be proactive and be knowledgeable about your options.