This article is sponsored by AFG Wealth Management.
As a child, it’s hard to understand the depth of our parents’ sacrifices. The past is often marked by cherished memories and milestones, but many of the truly pivotal moments of care are in the mundane: help with homework, tending to playground injuries, and holiday squabbles. Only in adulthood does the value of these moments become crystal clear, especially as parents begin needing support themselves. Amy Frank Goldman, a Hoboken mom, philanthropist, and financial planner, is here to share tips for anyone looking to provide dignified care for their aging parents. Keep reading for 5 ways you can prepare your loved ones — and yourself — for aging adult care.
1. Communicate Thoughtfully
Helping parents or loved ones can be difficult, not just because of the logistics but because of the emotions involved. Accepting help — especially from one’s children — can feel humbling, even intimidating.
Approach these conversations with sensitivity and respect. Avoid sounding condescending or preachy, as these tones often backfire. Instead, strive to be both direct and gentle.
Imagine you’re the CEO of a company you built over decades. Now, imagine employees advising you to step back and relinquish control. Many aging adults feel similarly when confronted with conversations about surrendering independence. Their lives are the “businesses” they’ve built, and hearing they may need to give up driving, independent living, or control of finances can feel like an insult.
Open the door to dialogue without forcing immediate decisions. Often, initial conversations will plant a seed, leading to more productive discussions later.
2. Understand Their Needs
A comprehensive assessment of your loved one’s physical, emotional, and cognitive health is essential. This will help you determine the type and timeline of care they may need. Professional evaluations can provide valuable insights into their abilities and preferences — including medical, cognitive, and geriatric care evaluations.
Cultural expectations also play a role. In some cultures, elder care by family is non-negotiable, while in others, assisted living or nursing homes are more accepted. Understanding these dynamics helps you create a care plan that respects their values.
If in-home care is the goal, ensure their home environment is safe and suitable for aging. This might involve minor adjustments, such as grab bars and ramps, or more significant modifications.
3. Explore Care Options
From home health care to senior apartments, assisted living, and nursing facilities, there are a range of options depending on your loved one’s needs. If at-home care is preferred, long-term care insurance policies may help cover costs (which we share more about, below). In some cases, family members acting as caregivers can even receive compensation.
Each care type offers varying levels of assistance and medical support. Researching these options in advance will allow you to present choices that align with their preferences and budget.
4. Plan Financially and Legally
Preparation is key to ensuring your loved ones’ later years are lived with dignity. Financial planning is a critical step, as care costs can be significant.
- Long-term care insurance: Policies that include a death benefit can provide flexibility if long-term care isn’t needed.
- Medicaid considerations: Be aware of the five-year lookback period on financial transactions when applying for Medicaid.
- Tax-efficient asset transfers: Consult a financial planner to ensure assets intended for inheritance are handled effectively.
Addressing these topics early can help your loved ones retain control over their finances and care preferences.
According to Laura Weyant Kearney, Esq, an estate planning attorney at LWK & Associates in Hackensack, it’s also important to make sure that all estate planning documents are in order. These documents include:
- A proper Last Will and Testament
- Living will/health care proxy
- Financial power of attorney
It may also be appropriate to establish a revocable living trust. This type of trust will ensure that the assets can be easily managed during your loved ones’ lifetime while also avoiding the administrative burden of probate upon death. In addition, it is important to review all beneficiary designation forms on non-probate assets to ensure that the beneficiaries named are per your loved ones’ wishes.
5. Build a Strong Support Network
When the time comes to provide care, having a cohesive team of family, friends, and professionals is invaluable. Regular family meetings can ensure everyone understands their roles and expectations.
A strong network is just as important now as it is later. Loneliness and social isolation in older adults are linked to higher risks of dementia and other health issues. Take the time to connect with your loved ones—whether through in-person visits, phone calls, or FaceTime. These interactions can reduce stress, lift spirits, and provide cognitive stimulation.
In the End
While we can’t force our loved ones to plan for their future, we can gently guide them and express our desire to help — on their terms. By fostering open communication, understanding their needs, and preparing a solid care plan, we can help them navigate the challenges of aging with dignity and grace.
If you’d like to explore this topic further or discuss broader financial planning, Amy is happy to connect. You can reach her by email or set up a call at 212-673-2147.
AFG Wealth Management is located at 1400 Hudson Street, Suite 504, in Hoboken. You can call 212-673-2147 or email [email protected] with questions. She can also be found on Instagram @the_money_momma, LinkedIn, or Facebook.
Securities and advisory services offered through Independent Financial Group, LLC (IFG), a Registered Investment Adviser. Member FINRA/SIPC. AFG Wealth Management and IFG are unaffiliated entities. Please keep in mind Insurance companies alone determine insurability, and some people, for their own health or lifestyle reasons, are deemed uninsurable. Certain insurance products are made available outside of the broker-dealer relationship.
Proposed Plan Looks To Redevelop Hoboken Parking Garage Into Mixed-Use Apartment Building
A 40-year-old parking garage in downtown Hoboken could be transformed into a new apartment building. The City of Hoboken proposed plans to transform Municipal Parking Garage B at 28 2nd Street in Hoboken into a mixed-use building. The plan was unveiled during a virtual community meeting on January 7th, 2025, but has yet to be adopted by City Council. Here’s what we know so far about the proposed plan to revitalize one of Hoboken’s largest parking garages.
The Plan
The goal is to redevelop Garage B into a transit-oriented, mixed-use site. The City wants it to have a new, updated parking garage, ground-floor retail space, a school, and residential housing. According to the plan, “Garage B is the only garage that exists as a standalone building, without other buildings attached to or flanking the garage structure. Garage B is also located furthest south and is closest to the Hoboken Terminal. For these reasons, Garage B has fewer barriers to construction than the other Garages locations.”
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The housing portion of the new site would include a minimum of 20% affordable housing for low to moderate-income households. The remaining balance would be affordable for households that don’t make more than 120% of the regional median household income in the region. No market-rate housing is part of this redevelopment plan.
“The intent of workforce housing is to provide opportunities for working- and middle-class residents to live within the City of Hoboken,” said Marilyn Baer from the City of Hoboken. “These residents can include police and fire officers, teachers, municipal workers, nurses, and other essential workers.”
According to a recent study done by the City of Hoboken, the parking garage is in substantial need of repair. The garage would be getting a much-needed update and Hoboken says the new space will have the same or possibly more parking spaces for residents and visitors to use, along with modern technology to help make the parking process a breeze.
The Goals
This plan is part of Hoboken’s Redevelopment Plans, aiming to improve the City to make it safer for both residents and visitors. Some of the other goals for this site include maximizing the future building’s proximity to the Hoboken Terminal, increasing access to to NJ Transit, the PATH, the Light Rail, and ferry services. Project leaders aim for new construction to be compatible with the surrounding area. They also want to make sure ground floor space is spaced and utilized well to improve the pedestrian experience on Hudson Place and River Street.
This redevelopment plan also calls for pedestrian safety improvements in line with the City’s Vision Zero goals. It will also use stormwater mitigation strategies to help reduce local flooding.
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Again, this is still just a proposed plan. If it’s adopted by the City Council, the City of Hoboken plans to send out a Request for Proposals from developers for concept plans. From there, the City will provide for an additional public process ahead of a potential Redevelopment Agreement between Hoboken and a developer, according to Marilyn Baer.
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