• Skip to navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

American Academy of Estate Planning Attorneys

AAEPA, Inc

Find a Member Member's Login
Call Today (800) 846-1555
  • Membership
    • Membership Membership
    • submenu
      • Why Join?
      • Member Requirements
      • Become A Member
      • Meet the Team
  • Estate planning software
  • Education
  • Practice management
    • Practice management Practice Management
    • submenu
      • 11 Essential Systems
      • Coaching
      • Law Firm Marketing
  • Resources
    • Resources Resources
    • submenu
      • Live Training
      • Blog
  • Contact Us

The Impact of Caregiving on Adult Children Who Care for Their Parents

Home » Client Services » The Impact of Caregiving on Adult Children Who Care for Their Parents

As life expectancy continues to rise and medical costs increase, many adult children who take on the responsibility of caring for their aging parents are finding themselves faced with quite a dilemma. Because many simply don’t have the financial means for professional care, they’re faced with administering a considerable portion, if not all, of the care themselves.

As I was recently doing some research about this trend, I came across some interesting statistics and pieces of information that I found very useful. I hope you also find them helpful as you are meeting with clients and helping them prepare for end of life care.

Out of Pocket Costs
Caring.com performed a study to get some concrete data on what family caregivers are spending to provide care for their aging parents. Here are some statistics that demonstrate just how much it costs:

  • Nearly half of family caregivers spend more than $5,000 annually
  • 16% are spending as much as $9,999
  • 11% are spending as much as $19,999
  • 5% are spending as much as $49,999

The costs associated with caregiving add up over time and often put adult children in a difficult position. While they’re spending time and money caring for their parents, it often means they’re unable to put money into their own retirement funds.

Loss of Earnings and Benefits
Aside from the out of pocket costs, many caregivers have to take time off from work to administer care. Whether it’s driving their parents to doctor appointments, assisting with feeding or helping with bathing and hygiene, being a sole caregiver can be very time consuming. As a result, many people find themselves forced to take unpaid leave, reduce their hours or leave their jobs altogether to ensure their parents receive proper care.

In turn, this can lead to a dramatic loss of earnings and benefits, which not only affects long-term savings, but day-to-day living as well. Depending on whether an adult child has to take unpaid time off from work or potentially leave their job entirely, the cost in lost wages can be very damaging. Combine lost wages with other costs such as medicine, doctor’s appointments, and hospital stays and the challenge can seem insurmountable.

Employment Struggles
In addition to out of pocket costs and reduction of earnings, many people experience a negative backlash with employment as well. For example, employers may grow tired of employees who constantly require time off or show up late because they had to care for their parents. Not only can this create tension in the workplace, it sometimes leads to termination, and positions are replaced by employees who don’t have these obligations.

Even though care for an ailing family member is protected under the federal Family and Medical Leave Act, many employers will still terminate employment. The challenge may also arise that an adult child with a high-paying job who has a family of their own to support must leave their job in order to keep up with the demands of caring for loved ones, which is damaging to someone attempting to build a career.

The bottom line is that people living longer into their golden years is a double-edged sword. On one side, it’s great for those aging parents and grandparents to have more time with their families. However, on the other side, many outlive their savings, and their adult children are faced with a difficult situation where they suffer financially and emotionally during the process.

Planning ahead for end of life care becomes increasingly important in our aging society. Talking with your clients (and their children) about how to prepare for future costs and caregiving can help them avoid some of the stress of growing older.

Kathryn Adams
Marketing Manager
American Academy of Estate Planning Attorneys, Inc.
9444 Balboa Avenue, Suite 300
San Diego, California 92123
Phone: (800) 846-1555
www.aaepa.com

  • Author
  • Recent Posts
Kathryn Adams
Practice Building Consultant, American Academy of Estate Planning Attorneys
Latest posts by Kathryn Adams (see all)
  • Lessons in Leadership: Connecting Vs. Controlling - October 19, 2018
  • 3 Reasons Law Firms Fail - October 12, 2018
  • Want to be a Great Leader? Start Here - September 14, 2018
SHARE

Primary Sidebar

Subscribe to our blog

Recent Posts

  • Spring Summit 2022: Celebrating Friendship in the Lone Star State
  • Aging Parents and Estate Planning
  • How Do I Title Thee…Part I
  • Turning Stalled Out Goals into Actions
  • What Makes a Will or Trust Invalid

Categories

  • Academy Girl Friday (33)
  • Client Services (238)
  • Coaching (33)
  • Consumer Advantage (3)
  • Counseling (21)
  • Elder Law (5)
  • Estate Planning (921)
  • Estate Planning Documents (5)
  • Estate Planning Education (199)
  • Financial Analysis (3)
  • Financial Services (1)
  • General (19)
  • Law Firm Marketing (281)
  • Law Firm Net Revenue (7)
  • Law Firm Staffing (99)
  • Law Firm Technology (45)
  • Law Firm Web Tips (185)
  • Leadership (191)
  • Legal Education (646)
  • Marketing Tools (2)
  • Medicaid (1)
  • Member Services (1)
  • Owners Compensation (1)
  • Peak Performer Focus (1)
  • Practice Building Calls (1)
  • Practice Management (496)
  • SEO/Social Media Support (3)
  • Software (6)
  • Strategic Planning (9)
  • Uncategorized (15)

Footer

logo of American Academy of Estate Planning Attorneys

About Us

  • Meet the Team
  • Site Map
  • Legal Notice
  • Privacy Policy

Explore Our Services

  • Coaching
  • Estate planning software
  • Events
  • Legal education
  • Marketing
  • Web and SEO

Keep in Touch

Mon-Fri

9444 Balboa Ave. Suite 300

San Diego

(800) 846-1555

info@aaepa.com

Take Back Control of Your Business and Your Life

+

footer section | American Academy of Estate Planning Attorneys

© 2022 American Academy of Estate Planning Attorneys, Inc All rights reserved.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent. Don't sell my personal information.
Cookie Settings Accept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
Save & Accept