By Lisa Quadrini, CFP®, MBA

As your parents age, the shift from being their child to becoming their caregiver can be both rewarding and challenging. For many of our clients at Brandywine Oak Private Wealth, this transition often comes at a time when they’re also navigating their own personal retirement planning, supporting their adult children, or managing busy careers. Balancing these responsibilities while ensuring your parents receive the care they need requires thoughtful planning, both emotionally and financially.

Start the Conversation Early

Talking about aging and end-of-life planning can be uncomfortable, but having open, candid conversations early allows your family to approach future decisions with clarity and compassion. Consider discussing:

  • Healthcare Preferences: What type of care would they prefer: aging in place in the family home, an assisted living or retirement community, or a skilled nursing facility?
  • Financial Resources: Do they have long-term care insurance, retirement savings, or other assets earmarked for health care needs?
  • Legal Documents: Are their wills, powers of attorney, and healthcare directives up to date?

Understand the Financial Landscape

Once you’ve opened the lines of communication, it’s essential to understand your parents’ financial picture. Key areas to review include:

  • Cash Flow and Budget: Understand their income sources (Social Security, pensions, retirement savings) and current expenses. This will help you anticipate whether additional financial support might be needed.
  • Long-Term Care Costs: The cost of care can vary widely based on location and level of support required. In-home care, assisted living, and skilled nursing facilities all come with different price tags. It’s helpful to research options in your parents’ area to set realistic expectations.
  • Insurance Coverage: Review their health insurance, Medicare coverage, and any long-term care policies they may have. Understanding what’s covered and what’s not can prevent financial blindsides.

Plan for Caregiving Responsibilities

Caring for aging parents often extends beyond financial support. It includes time, energy, and emotional investment. To avoid caregiver burnout and ensure sustainable support:

  • Share Responsibilities: If you have siblings, discuss how you can divide caregiving tasks, from managing finances to coordinating medical appointments. This can often be a point of contention, so having open, honest conversations with siblings sooner than later is critical. 
  • Explore Professional Support: Hiring in-home caregivers, housekeepers, or meal delivery services can ease the burden while ensuring your parents receive quality care.
  • Consider Respite Care: Many communities offer temporary care options to give family caregivers a break.

Taking Care of Yourself, Too

Finally, it’s important to prioritize your own health and wellness. Caregiving can be emotionally taxing, so don’t hesitate to seek support, whether through counseling, support groups, or leaning on trusted advisors.

At Brandywine Oak Private Wealth, we understand the unique challenges our clients face when balancing their own financial well-being with the needs of aging parents. It is always helpful to start this critical conversation early. If you’d like to discuss how we can support you through this journey, please reach out. We’re here to help you create a plan that honors your family’s needs while protecting your financial future.

About Lisa Quadrini

Lisa is a Partner and Private Wealth Manager at Brandywine Oak Private Wealth and brings more than 35 years of experience in financial services. She earned a B.S. in Accounting, Syracuse University, an M.B.A. in Finance from the University of Hartford, and the CERTIFIED FINANCIAL PLANNER™ certification.

Lisa’s investment career began with Cigna Insurance as a Fixed Income Portfolio Manager, then she joined Kemper Financial Services as a Vice President in Fixed Income in 1993 which managed over $7 billion in Municipal Bond Mutual Funds.

In 1999, she joined Merrill Lynch as a Vice President in Institutional Municipal Sales and transitioned into the Private Client Group as a Wealth Advisor. In 2008, Lisa joined UBS as a First Vice President – Investments and was awarded the title of Senior Vice President – Wealth Management in 2013. In 2016, Lisa transitioned her Team to Wells Fargo Advisors as a Senior Vice President – Investments, PIM Portfolio Manager.

She works closely with a limited number of multi-generational families to proactively focus on their goals and what matters most to them. Lisa recognizes the importance of capital preservation to ultra-affluent families, sensitive to the sacrifices they have made in attaining their wealth. Lisa was recognized by Forbes Best in State Wealth Advisors* in 2018, 2019, 2020 & 2021, Forbes Top Women Wealth Advisor* 2018, 2019, 2020 & 2021, and Barron’s Top 1,200 Financial Advisor** in 2019 & 2020.

An active member of her community, Lisa serves as a co-chair for Women for Navy Athletics, as a Trustee for The United States Naval Academy Athletic Foundation, and is on an Advisory Board for the Kiawah Island Conservancy.

*The Forbes Best-in-State Wealth Advisors and Top Women Wealth Advisors ranking algorithms are based on industry experience, interviews, compliance records, assets under management, revenue and other criteria by SHOOK Research, LLC, which does not receive compensation from the advisors or their firms in exchange for placement on a ranking. Investment performance is not a criterion.

**The Barron’s rankings are based on data provided by thousands of advisors. Factors included in the rankings were assets under management, revenue produced for the firm, regulatory record, length of service, quality of practice and client retention.

Brandywine Oak Private Wealth is a registered investment adviser. Registration does not imply a certain level of skill or training. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.