Many seniors are worried about what the future will hold. Seniors are not only concerned about their own financial stability and their own healthcare in the future, but are also worried about whether they will become a burden for their children. In fact, becoming a burden on kids or other family members is actually the thing the majority of seniors are most afraid of.
The field of elder law is aimed at helping seniors to avoid becoming a burden. Anyone who is getting older and who is worried about long-term care, incapacity planning, asset protection, or other related issues in Southern New Jersey should consult with an experienced elder law attorney for help with the creation of a comprehensive estate plan and plan for the future.
Seniors Worry About Burdening Their Children
Main Street reported recently on a survey of 582 men and 709 women aged 60 and up. The seniors were asked their opinion about various worries for the future. Among the seniors surveyed:
- 66 percent of women said they worried they would become a burden of their spouses, kids, or other family members as they aged.
- 50 percent of men were worried about becoming a burden on their loved ones.
- 42 percent of seniors said becoming a burden to their kids was their single biggest fear, greater than the number of seniors whose greatest fear was going on life support (34 percent of seniors) or whose greatest concern was ending up living in a nursing home (15 percent of seniors).
- 80 percent of women expressed concern about how they could ever afford the cost of long-term care or nursing home care if they needed it.
Despite being worried about the future, only 50 percent of seniors had considered healthcare expenditures when making retirement plans. Further, just 39 percent of seniors said they had discussed details about their estates or health care with their children. Most of the seniors who haven't had discussions with the kids or families are keeping quiet because of worry about their loved ones. Among married women, 43 percent said concerns they'd cause their family to worry were the reason why she hadn't spoken up about making an estate plan. Among women with children, 62 percent said they didn't want to worry their families.
The problem is, these issues need to be discussed and addressed. If seniors want to get Medicaid to cover nursing homes or if seniors want to make sure their assets are managed correctly and are transferred appropriately to their new owners after a death, they will need to create a plan with the help of an elder law attorney and will need to discuss that plan with their children or relatives. Not taking action now is only going to increase the chances of becoming a burden and make life harder for family in the future.