Helping Families Navigate the Financial Challenges of Age Transitions

Category: Aging Parents (Page 3 of 6)

Adopt a Code of Honor when caring for an aging loved one.

I am fortunate that both my mom (93) and mother-in-law (86) are still living and doing quite well. As I have visited with them and their close friends, there is a tremendous amount of wit and wisdom to glean from these encounters. Unfortunately, one of the things I have also witnessed in our culture is a loss or lack of honor towards those who have lived more years than most. I would like to challenge myself and the reader to make a resolution for 2022 to honor our older citizens – especially our parents. What does it mean to honor an older person? Often hearing a familiar principle from a different cultural context can clarify its meaning. In recent years, I’ve attempted to learn more about the ancient philosophies of Taoism, Confucianism, and Buddhism. These belief systems share many core principles with the Judeo-Christian ethics and scriptures that are more familiar to us Westerners than these less represented traditions.

Take the concept of Filial Piety, one of the eight virtues of Confucianism. Scholars attribute the Eight Virtues to a line in the Sage Emperor Guan’s Book of Enlightenment, saying

“It is through Filial Piety, Sibling Harmony, Dedication, Trustworthiness, Propriety, Sacrifice, Honor, and Sense of Shame that we become fully human.” 

Filial Piety means to be good to one’s parents; to take care of one’s parents; to engage in good conduct not just towards parents but also outside the home so as to bring a good name to one’s parents and ancestors. The Fung Loy Kok Institute of Taoism further expounds on the concept of filial piety by stating,

You should also attend to your parents’ well-being. There are three basic needs you must provide for your parents. First, you should provide for their food and clothing. Second, when they are ill, you must take responsibility for nursing them back to health. Third, when they die, you must provide them with proper burial and care for their graves. As a son or daughter, whether you are rich or poor, whatever profession you are engaged in, whether you are married or not, whether you have children or not, if you can perform these three deeds with sincerity and dedication, your parents will be happy while they are alive and rest in peace when they are deceased. Your parents cared for you without selfish interests. Your mother carried you in her womb for ten lunar months and nursed you for three years. Your parents constantly tended to your needs while you were growing up. You should show your gratitude to them by fulfilling the virtue of filial piety.

For we Westerners, the concept of Filial Piety is rooted in both the Old and New Testament scriptures. Exodus 20:12 commands,

“Honor your father and your mother, so that you may live long in the land the LORD your God is giving you.” (New International Version). Ephesians 6:2-3 repeats the same command and adds parenthetically “which is the only command with a promise.”

When parents age to the point where they lose independence or capacity to perform certain functions of daily living, families should adopt and adhere to a personal code of honor that maintains the dignity that the older person deserves. In a curriculum developed to teach adult children how to be effective financial caregivers, I provide a model code of honor that is available for download here.

Social Isolation Affects Heart Health, Cognition

Two new studies show the effects that social isolation and loneliness can have on cardiovascular health and cognitive decline.

The two studies provided several compelling links between social engagement and mental or physiological health. Some of the findings include:

  • Social isolation and loneliness are common but are under-recognized as contributing to cardiovascular and brain health.
  • The lack of social connection is associated with an increased risk of premature death from all causes, especially among men.
  • People who experience social isolation or loneliness are more likely to experience chronic stress and depression. Depression can also lead to social isolation.

Source: Social Isolation Affects Heart Health, Cognition

Covid Spurs Families to Shun Nursing Homes, a Shift That Appears Long Lasting – WSJ

Has COVID affected how you feel about nursing homes? Even if a loved one hasn’t become ill, many families have been unable to even visit their elderly relatives, which was especially difficult over the holiday season. This Wall Street Journal article discusses how COVID is causing many to consider other options.

The pandemic is reshaping the way Americans care for their elderly, leading more families to decide to avoid professionally run facilities as services expand to support in-home care.

Source: Covid Spurs Families to Shun Nursing Homes, a Shift That Appears Long Lasting – WSJ

What Seniors Can Expect When COVID Vaccines Begin to Roll Out | Kaiser Health News

Seniors in nursing homes and assisted living centers will be among the first Americans vaccinated, following recommendations last week by a federal advisory panel. Older adults living at home will need to wait a while longer.Many uncertainties remain. Among them: What side effects can older adults anticipate and how often will these occur? Will the vaccines offer meaningful protection to seniors who are frail or have multiple chronic illnesses?Here’s a look at what’s known, what’s not and what lies ahead.

Source: What Seniors Can Expect When COVID Vaccines Begin to Roll Out | Kaiser Health News

How Covid-19 Will Change Aging and Retirement – WSJ

As the pandemic wreaks havoc on our mental and physical health, it is also quietly reshaping how Americans will face retirement and old age in the years to come.The virus is bringing sweeping change, mainly by “accelerating developments already under way,” says physician and entrepreneur Bill Thomas. For example, “isolation of older people has long been a problem, but Covid is focusing attention on the issue and adding urgency” to address it.

In this Wall Street Journal Article, writer Anne Tergesen reports on some of the effects that the COVID virus could have on aging and society. Among her findings:

  1. More will age at home.
  2. Older people will benefit from a technology boom.
  3. Lifespans will decline. (Though perhaps only for the short term)
  4. We will have a better handle on what we want to do with our time.
  5. We will plan for death.
  6. We will embrace healthier lifestyles.
  7. We need to save more to retire.
  8. The 401(k) will morph into a multipurpose account.
  9. We will work longer.
  10. Our views on aging will change.

Source: How Covid-19 Will Change Aging and Retirement – WSJ

Alzheimer’s Researchers Study a Rare Brain – The New York Times

Aliria Rosa Piedrahita de Villegas carried a rare genetic mutation that had all but guaranteed she would develop Alzheimer’s disease in her 40s. But only at age 72 did she experience the first symptoms of it.

Now researchers are studying Aliria’s donated brain to try and unlock the genetic secrets that may have delayed the disease’s onset.

Source: Alzheimer’s Researchers Study a Rare Brain – The New York Times

Balancing Work and Elder Care Through the Coronavirus Crisis

Liz O’Donnell, founder of Working Daughter, a community for people balancing eldercare and career, and the author of Working Daughter: A Guide To Caring For your Aging Parents While Making A Living (Rowman & Littlefield, 2019.) penned an article for the Harvard Business Review providing tips for those already in the sandwich generation, but now with the added challenge of working from home.

She offers four tips to help those working from home AND who now share space with spouses, children, and perhaps an aging parent.

  1. Set your parents up for success by establishing routines and clear communication where possible.
  2. Set boundaries both for them and yourself so that you can minimize or control the interruptions that shared work and home life will bring.
  3. Overcommunicate your situation with co-workers and managers. Chances are, they are in similar positions or there will be other co-workers who are as eldercare comes out of hiding and into the mainstream.
  4. Do not neglect your own self-care. Caregiver burnout was already a big deal even before COVID. For the working adult children of dependent parents, at least the office provided the odd respite from the chaos of home. Now that is gone for many, so self-care needs to be a priority.

For the full text of the article, see the link below.

 

Source: Balancing Work and Elder Care Through the Coronavirus Crisis

Elder Law firm gets sued by client for referring her to a fraudulent advisor

It is common practice for professionals to refer clients to one another. Clients often don’t want to shop around for someone when a professional they are already working with knows another professional to whom they can refer. Many avoid referring a single professional, preferring instead to provide 3-4 references that the client can contact on their own.

A Hartford CT firm specializing in elder law is facing a malpractice lawsuit from a client who claims it referred her to financial advisor, Thomas Renison, who stole some $400,000 from her over the course of a decade.  Apparently, the law firm also received a referral fee from Renison.

The complaint states the firm knew or should have known about Renison’s “dangerous” history. Renison was barred by the SEC in 2014 but resurfaced through a 3rd party LLC and is now facing charges of “allegedly using the LLC to defraud seniors of $6 million between 2015 and 2018.”

It’s always the bad apple that spoils the bunch.

Source: Risky Business: Malpractice Suit Alleges Hartford Firm Got a Fee for Referring Client to Fraudster | Connecticut Law Tribune

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