Today, many American families are caring for an older parent or friend in an effort to reduce medical, housing and financial costs, or simply because they feel they need to. But what isn't apparent, is that this does affect the family in finances, privacy and their work outside of the home. Some families are taking the extra step early in their lives to develop a long-term care plan for themselves and their loved ones.

Statistics show that older Americans are the fastest growing population group and that more than 65 million people spend an average of 20 hours a week taking care of a family member who is at least 50 years old. In some instances, the weak economy is making it harder for these unpaid family members to continue to care for their family members. Some feel that they are in a situation that they can't get out from under.

According to research funded by MetLife in 2009 and sponsored by the National Alliance of Caregiving:

  • Spouses care for one another in 6 percent of the cases.
  • Care giving is provided to a mother 36 percent of the time and 14 percent of the time to the father.
  • Grandparents and in-laws are cared for 11 percent of the time.
  • Caregivers on average, are older -- 55 percent are older than 50.
  • Nearly everyone (96 percent) over the age of 50 takes prescription medication.
  • Half of all caregivers work full-time.
  • Most care is for long-term physical or mental conditions and the average stay is 4.6 years.

If you find yourself in a situation of deciding upon whether you should take on the long-term care of a loved one or look at other options, you should first seek the advice of an estate planning attorney. The attorney can look at the big picture from a financial, personal and constructive perspective and provide alternatives to your situation. The key is to anticipate the challenges that may develop and have solutions that you are comfortable moving forward with.

Source: U.S. News & World Report, "How to Succeed at Juggling Caregiving Burdens," Jan. 24, 2012