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Caring for an aging spouse, parent, or close relative can be a financial strain for families-sometimes even a financial nightmare. For example, the Journal of the American Medical Association reported that one-third of families caring for a seriously ill member spent most or nearly all of their life savings. Caregiving involves no small number of families, either. Roughly one in four households provides caregiving to persons age 50 and over, according to the American Association of Retired Persons and the National Alliance for Caregiving.
Here are several strategies that can help minimize the financial impact of caring for an aging adult in your family.
Plan
The further ahead, the better. Start by writing down the current and potential needs of the person. Will this person eventually have to move to a nursing home or other care facility, or require at-home health care? Can less expensive alternatives be used? Will this person need someone to manage his or her finances, such as paying bills? Can family members or friends help? Review these...