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Estate planning may prevent placing caretaker burden on children

The way Oklahoma residents utilize their estate plans can have a major impact on their families. In particular, estate planning can help address how long-term care should be handled in the event that a parent becomes unable to care for him or herself. Without a plan in place, it is becoming more likely that individuals who are nearing or have reached retirement age may end up having to care for an ailing parent.

A recent report revealed various statistics in relation to adult children caring for their parents. Apparently, 17 percent of adult children will end up in a caretaker position for their parents during the course of their lives. Additionally, 10 percent of individuals aged 60 to 69 will have to take on this responsibility, and another 12 percent of parties 70 or older will also have to provide needed care.

This arrangement obviously presents its concerns as individuals over the age of 65 are more likely to suffer from negative health conditions themselves. Because life spans are extending, however, parties of this age may end up needing to look after parents in their 80s, 90s or beyond. Additionally, they could also find themselves in a situation where a spouse also falls ill, and care must be provided for two people.

Understandably, parties who face this type of scenario can easily become overwhelmed and even suffer negative health impacts as a result. Fortunately, Oklahoma parents may be able to prevent their children from landing in such a difficult spot by planning ahead for the possibility of needing long-term care. Estate planning tools can help interested individuals understand their care options and how to set aside funds for related expenses.

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