Life has a way of presenting us with new challenges and illuminating our paths to old age. We are born into this world relying on our parents and other loved ones for survival. It takes decades of life experiences to understand the magnitude and love behind parenting.
Eventually we hit our 40s, get married, establish a career and then, lo and behold we are hit with the epic scope of being parents ourselves. What we rarely, if ever consider in our journeys through life as young people, is the evolution from child to care giver for our parents.
Our Future as Care Givers
We never picture our parents needing to rely on us when we are little. But time and age have a way of humbling us, of teaching us that to care for our parents is one of the greatest acts of reciprocal and unconditional love we can experience. It is akin to caring for ones children, yet somehow very different in dynamic.
For businesses in states with high retiree populations (think Florida, Arizona and New Mexico) elder care has become a big industry. It is estimated that over 78% of Americans will need some sort of paid, out-of-pocket form of nursing care once they reach the age of 65.
The Importance of Elder Care Legal Advice
To make matters more interesting, the legalities of insurance, taxes, wills, and other variables in the lives of the elderly can seem increasingly complex and difficult to manage. When you are not proficient in the laws and options within your state concerning your home, finances, and estate, it is very difficult to make the smart, best choices for your life and for your heirs.
This is where attorneys specializing in elder care, wills and trusts, and special needs care fill a much-needed niche in both the legal and elder communities. Lawyers like Mark Shalloway of Shalloway & Shalloway provide special services in the form counsel on everything from inheritance tax liability to insurance options for the elderly.
On the increasing importance of understanding the variables and vagaries of caring for our elder loved ones Mr. Shalloway says: “The time at which we need to think about caring for our parents has a way of sneaking up on us when we least expect it and while we are in the midst of our lives. It’s best to plan ahead regarding retirement care, nursing homes and healthcare for our elderly loved ones.”
Elder Care in the American Economy
For American businesses, consultancies and companies specializing in everything from nursing care, hospice and Alzheimer’s care have made a bigger impact in state economies than could have been predicted even twenty years ago. These industries employ increasingly more numbers within our workforce and provide well-paying jobs, often with benefits. Between the legal and health care spheres of our economy, elder care and special needs care represent a large portion of the financial picture.