Broker Check

Family Caregiving

February 12, 2021

We probably have all heard that the Millennials (born between 1996 and 2010) have passed the Baby Boomers (born between 1946 and 1964) as the most populous generation in America according to the Pew Research Center’s analysis of U.S. Census projections released in December 2014.

Yet even as the younger adults become more populous, in the 2001 – 2010 decade the “elderly” (age 65 and over) population also grew. Between 2000 and 2010, the population 65 and older grew 15.1 percent, while the total U.S. population grew 9.7 percent[i].

What are some of the reasons our senior citizens may require care?

  • Personal health and safety mishaps such as falls and auto accidents or the declining mental status causing dangerous conditions around the house;
  • Chronic conditions and emerging illnesses, including dementia, Parkinson’s, diabetes, blindness, cancer and depression.

Due to the rapid increase in older Americans, there is an accompanying increase in the need for caregiving facilities and caregiving workers. Moreover, these caregiving services and facilities have become very expensive.

Therefore, the ability to plug in family support and care is becoming more and more important. However, it also presents challenges and may stress the family.

Because the breadth of considerations in providing elder care can be overwhelming, stress-inducing and complex, making a plan can be key to effectively meeting this challenge. Some of the issues to be addressed by such a caregiving plan would include:

  • Planning to continuously meet the care recipient’s medical needs;
  • In addition to medical issues, addressing legal, financial and personal issues surrounding long-term caregiving;
  • Planning for the family caregiver’s needs to make sure they take care of themselves and to address the possibility of depression and anxiety of the caregiver;
  • Designing a team approach to providing care for a loved one to avoid overwhelming an individual.

We, at Family Wealth Decisions Group, have experienced the stresses of elder caregiving with some of our clients as well as, in some cases, in our own families and circle of friends. Therefore, we believe that a well-planned caregiving response can not only provide the best care, but can also provide for healthier and happier family caregivers.

Please do not hesitate to contact us with any questions. Remember, we are here to help.

CRN -3450094-021121