Law Offices Of Connie Yi, PC
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate


Family costs for mom and dad: often exceeding outlays for kids

| Feb 1, 2017 | Uncategorized |

A writer and advocate for the elderly notes what he describes as a stark dichotomy regarding the financial outlays made by legions of families across the United States for different purposes.

Those dual purposes: child-rearing up to the age of 17 and providing care for aging parents, respectively.

Persons who think — and reasonably so — that families who spend money to both get their kids to adulthood and to assist mom and/or dad with long-term care needs spend far more money on that front burner might want to reassess their assumptions, writes Howard Gleckman.

In fact, he notes, empirical findings strongly suggest that the earnings and accumulated savings of family wage earners — often those who are both parents of kids and children themselves of aging parents — are in many instances doled out at a far higher amount on parental care than they are on children.

And that bothers Gleckman, especially because the higher outlays for parents reflect an “enormous cost that is generally spread over much less time, typically four years in contrast to 17.”

There is no doubt regarding this bottom line applicable to cost outlays for long-term parental care that challenges high numbers of people in California and nationally: it can truly break the bank.

In fact, notes Gleckman, the average amount of money spent on an adult’s long-term needs — that is, out-of-pocket funds doled out by family members — is a staggering $140,000. And, again, that outlay is often necessitated over a very short period, which can render the exaction especially challenging, if not fundamentally life changing, to most families.

Gleckman’s article centrally spotlights the importance for families to timely engage in planning relevant to their aging parents and the singular needs they will have in their latter years.

A proven estate planning and tax professional can materially assist with that.



FindLaw Network

Recent Blog Post

What are reasonable fees to charge as a trustee in California?

When implementing an estate plan in California, it is essential to ensure that you receive the proper compensation for the amount of time and work you are putting in. The probate court will look through the amount you charge to see if it is reasonable, especially if...

What to know about life insurance trusts

California families have an exemption for their estate that keeps it from being subject to income taxes. However, above that $11.7 million, the estate tax bill could get large. This is why they need to take measures to reduce the size of their taxable estate. Life...

Are estate taxes headed for changes?

Not every inheritance involves paying estate taxes, but some estates rise above the federal exclusion amount. California residents that feel familiar with state and federal tax rules might not realize changes could happen. Namely, proposals intended to raise tax...

View More Blog Posts