Aging Parents

Aging Parents: Can I Afford the Care they Need?

Discuss Your Parents' Needs for the Future

If you're like an increasing number of Americans, you are already learning what it means to be part of the "Sandwich Generation"-adults caring for their children and for their aging parents. Sitting down with your parents and siblings to ask tough questions about what your parents want and what they can afford can be crucial to a family's well-being. Answering all these questions when your parents are still in good health may seem unnecessary, but it can help to know their wishes and needs for the future.

Paying Out of Pocket

You may not be entirely comfortable asking your parents about money, but when it comes to their long-term care, this discussion is helpful. You will want to know what they can afford and what you might be able to help pay for. For example, can they afford to pay for an assisted-living facility if needed? It may come as a surprise, but Medicare does not cover the cost of an extended stay in an assisted-living or nursing facility. If your parents prefer to stay in their home and they need only minor assistance, can they afford to pay for a health care worker or other aide to visit regularly? Don't forget, there may be upfront costs to making your parents' home safer and more accessible for them. Do they have a first floor bathroom and bedroom? Should grab bars be installed in the bathrooms or hallways? Would your parents benefit from a personal emergency response system in case something happens and they are alone?

Expect the Unexpected

If your parents are still in good health, it's a good idea to look into long-term care insurance. These policies are not for everyone, but they can be helpful for families who can't afford private care on their own. The upside of long-term care? The premiums are generally locked in at the age of enrollment, and the policy is renewable as long as you pay the premiums. But of course, there are downsides. If you stop making premium payments, the money you have paid in is lost. Also, this may seem obvious, but it's wise to purchase the insurance through a reputable company. Even then, the policy may not cover what your parents need, such as better nursing home care than what Medicaid would cover. Of course, while your parents are healthy, they may consider moving into a continuing care retirement community. Typically, seniors can buy or rent an apartment in one of these communities, which guarantees care in the facility's nursing units if that becomes necessary.

One Big, Happy Family

Some parents (and their adult children) may cringe at the idea of living together under one roof again. But if the idea appeals to you, having your parents move in is one way to care for them as they get older. While some days it might seem to be more than you can handle, creating a multigenerational environment can be a great thing for all involved. After all, it not only gives your parents and your children a chance to know each other better, but it can ease your burden both emotionally and economically. In fact, tax breaks may be available, depending on your parents' income and what you contribute financially to their care while they live with you.

For more information about retirement and financial planning, consult with a SunTrust Investment Services Inc. Financial Advisor or learn more about how SunTrust can help you plan your retirement.

SunTrust Bank and its affiliates and the directors, officers, employees and agents of SunTrust Bank and its affiliates (collectively, “SunTrust”) are not permitted to give legal or tax advice.  While SunTrust can assist clients in the areas of estate and financial planning, only an attorney can draft legal documents, provide legal services and give legal advice.  Clients of SunTrust should consult with their legal and tax advisors prior to entering into any financial transaction or estate plan.  Because it cannot provide legal services or give legal advice, SunTrust’s services or advice relating to “estate planning” or “wealth transfer planning” are limited to (i) financial planning, multi-generational wealth planning, investment strategy, (ii) management of trust assets, investment management and trust administration, and (iii) working with the client’s legal and tax advisors in the implementation of an estate plan.

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.


Investment and Insurance Products:

Are Not FDIC or any other Government Agency Insured   Are Not Bank Guaranteed  May Lose Value 

© 2018 SunTrust Banks, Inc

equal housing logoSunTrust Bank is an Equal Housing Lender. Member FDIC

equal housing logoEqual Housing Lender. SunTrust Mortgage, Inc

SunTrust, SunTrust Mortgage, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are federally registered service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are provided by SunTrust Mortgage, Inc.

SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1-800-634-7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1-888-473-4858, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.