Can I Begin ‘The Talk’ with My Aging Parents?
You may need to step in and help one day. You don't want to wait until after an accident or a medical crisis.
You may need to step in and help one day. You don't want to wait until after an accident or a medical crisis.
As empty nesters approach retirement age, they often start considering moving closer to their adult children to maintain closer family ties. However, as with any move, there are a lot of factors to consider, from choosing the right neighborhood to budgeting for expenses. Here, Sims & Campbell Estates and Trusts outline some of the most important steps empty nesters should take when they're looking to move closer to their kids.Consult Your ChildrenThe first step in moving closer to your adult children is to consult with them about their ideas and preferences for the move. It's important to have an open and honest conversation with your children about your expectations and your reasons for relocating. You might have one idea about what your move should look like, but your children may have different expectations or ideas. By discussing your plans with your children, you can create a plan that everyone is happy with and that works for everyone's needs.Explore Potential NeighborhoodsTo find your perfect home, you need to explore potential neighborhoods and areas. This helps you understand the local environment, check out nearby amenities, and get a feel for the area. Visiting these locations can guide you in making an informed decision about which place suits you best.Get the Scoop from Local ResidentsWhen visiting potential neighborhoods, make sure you talk to local neighbors about the area. This will give you an idea of what it's really like to live there, and what the community is like. You can ask about things like noise levels, crime rates, and the overall vibe of the community.Consider Healthcare, Dining, and Transportation OptionsAnother important consideration when relocating is the availability of healthcare, dining, and transportation. Make sure you spend time researching so you can find the best options for your needs. Healthcare is particularly important for older adults, so make sure you research local healthcare providers in the area, including doctors, dentists, and hospitals.Navigate Zoning LawsBefore relocating, it's important to research any laws or regulations that could affect your lifestyle choices. For example, some areas have strict noise ordinances or rules regarding how many pets you can have. Make sure you understand these regulations before you make your move, so you can avoid any unpleasant surprises down the road.Plan a Budget for Moving-Related CostsRelocating can be expensive, so make sure you budget for all relocation expenses, including the costs of hiring a moving company, renting a truck, and paying for any storage units. Other expenses to factor in can include closing costs and real estate agent fees. Make sure you have a solid budget in place before you start the moving process.Decide Whether to Sell or Close Your BusinessIf you are a small business owner, you’ll need to decide what to do with it when you move. There are two primary options: sell it or close it. You’ll probably want to start by getting an accurate valuation of the business first because the answer might determine your next steps. Then, depending on your business structure, you may…
It’s common for older adults to leave their homes and move into a new living space – like a family member’s house, assisted living facility or nursing home – but a recent effort by the U.S. Department of Housing and Urban Development is hoping to change that and help older homeowners instead age in place.
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings and undermine your financial, tax and estate planning strategies.
The marketing brochure, website, and lobby might be lovely, but you should base your decision about a long-term care facility on much more data than those things.
While in-home care can be less expensive than a semi-or private-unit in a nursing home, it does have its downsides. This is particularly true, when it is a family member that is providing care.
Depending on the circumstances, it might be less expensive to sell your existing house and have a smaller one built, rather than to make extensive modifications to an older home for you to age in place.