“It’s things that we do out of familial obligation and honor and wanting to really honor our parents but, it is a sacrifice in both career mobility and the pursuit of long term financial security,” says Kalipeni, in NPR’s article entitled “As Parents And Grandparents Age, More And More Millennials Are Family Caregivers,” which is linked below. Josephine Kalipeni is the Director of Policy and Partnerships with Caring Across Generations and currently working to transform the long term healthcare system in America.
We hear plenty about Millennials – their political views, their economical struggles, their morals and values – but one aspect that’s greatly underrated is the likelihood of becoming a caregiver. Millennials are defined as anyone born between the birth years of 1981 and 1996, or those between 38 and 23 years old today. AARP.org states that over 10 million Millennials are currently acting as unpaid caregivers, which is approximately 1 in 7 Millennials in the US. This means that about 1 out of every 7 Millennials has had their life uprooted by the long term healthcare system currently in place, sacrificing their invaluable time, energy, financial security, and sometimes even careers or immediate family needs, to take care of an elderly relative.
Caretaking can certainly be seen as a burden to many, considering all of the things one must put on the backburner, or add into an already hectic schedule, although some are very willing to make sacrifices for their family. It can be a task that comes naturally to you, and doesn’t require too much attention, or one that is very stressful and demanding, dependant on the medical condition of the elder being taken care of and your own disposition. But any way you choose to look at it, it is a reality.
Parents spend their lives trying to make the best lives possible for their children, so when it’s time for the roles to be reversed, it should go without saying that children want to return the favor and provide the best possible care. When creating any sort of plan for your aging relatives, including not only long term health care planning but also financial planning, it is to their benefit to contact an attorney for sound, up to date advice.
Danna & Associates, PC has specialized in Elder Law & Estate Planning since 1994. For over 25 years, our role in creation of Estate Planning documents and being involved in various Elder Law matters, has exposed us to the transition of children becoming caregivers to their parents or elderly relatives. Our experience and knowledge in these fields are useful in helping you and your parents plan for the future and keep things running smoothly. Call 718.273.0300 for your free consultation today!
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