According to a report from USATODAY/ABCNews/Gallup Poll, 41% of Baby Boomers are caring for their elderly parents, either personally or financially or both.

Many of these caretakers find themselves in a situation where their parents did little or no planning for their physical or financial long term care. This puts the burden squarely on the shoulders of the adult children. Discussions around where the parents will live – at home, with an adult child, in assisted living – how their living expenses will be paid for, how medical decisions and final arrangements will be made can often lead to stress and contention among family members.

If you find yourself in this situation, learn from your parents’ example and don’t let the same thing happen to you and your family. Here are some things you can do right now to start planning for your future to prevent your children from going through the same experience.

It is best for parents and all family members to be involved in planning for future financial needs. The financial resources being used today could change drastically with the occurrence of a stroke, illness or onset of dementia. To plan financially for long term care, you need to know what the costs are now and what they may be in the future.

MetLife does an annual survey of long term care costs. Their 2010 survey shows that the average daily rate for a private nursing home is $229, which is up from $219 in 2009. Assisted living monthly base rate cost rose to $3,293 in 2010 from $3131 in 2009. Home health aides average $21 an hour.

Although it’s difficult to plan exactly how much or how long you will need care, you can determine what will be needed in certain living situations. Staying in your home for care will require Professional Home Care assistance, travel accommodations to doctor appointments, help with shopping, meals, medical supplies and medication and possibly a 24-hour attendant. Even if a family member is doing most of the care, eventually professional care will be required or a move to a nursing home facility will be necessary.

When evaluating your present income and assets consider how they would work for future needs.

• What are my care options?
• What type of long-term care can I afford?
• Do I have long term care insurance?
• Are there assets I can sell?
• If I stay at home how will I pay for care?
• Do I have to sell the house to pay for other living arrangements?
• Do I have life Insurance or the means to pay for a funeral and burial?
• Will my spouse be cared for financially?
• Should I do Medicaid planning?

Long term care insurance is one option for paying for care. Long term care insurance helps pay for the care you need when you can no longer care for yourself. It can protect your family’s financial future and your own investments. There are qualifications that need to be met with health and age. This type of insurance is more expensive the older the person and almost impossible to get if age related illness has already occurred.

Senior Financial Planners, Elder Law Attorneys and Veteran Benefits Consultants can assist you in evaluating your needs and future planning.

Senior Financial Planners are expert in working with seniors and their families to set up long term care plans. They usually work with an Elder law Attorney and Care Manager (Professional) to give you all options and resources for care. Elder Law Attorneys help with Medicaid Planning and Asset protection as well as legal documents needed for final requests.

If you want to stay in your home, a Reverse Mortgage may provide the funds to pay for home care.

Another option for veterans who served during a time of war is the Aid & Attendance Benefit. This benefit provides extra income up to $1,949 to help pay for home care, assisted living and medical costs. It will also pay for widows or widowers of the Veteran. To learn more about qualifications for these benefits contact a Veteran Benefit Consultant in your area.

Knowing your needs and financial resources is essential before making any long term care decisions.