Five Conversations To Have With Your Aging Parents In The New Year
Where Are All Your Financial Documents?
Adult children need to know where your parent(s) keep their important documents such as their last will and testament, financial papers, loan documents, and the like. Also, you may need to ask important questions about where your parents have hidden all the family jewels or where is the key to the safety deposit box?
Where Do Your Parents Want To Be Buried?
It is a great relief knowing what your parents and in-laws want at the end of their lives, and it is a huge help to be able to discuss these things openly as adults before they are unable to do so. Do not wait until the end to have important conversations with your parents.
Do Your Parents Have Long Term Care Insurance?
Elderly parents need a plan for how they will be taken care of if they cannot live on their own. That’s is where long term care insurance can come into play. Do your parents want to live at home with a live in nurse during their final years? Or, do they want to go to a retirement home to be with their friends and play golf or bridge every day? Both options are not cheap, and long term care insurance can become rather expensive if your parents wait much longer to purchase the insurance.
Do Your Parents Have A Durable Power of Attorney For Healthcare?
Who is going to make decisions for your parents’ healthcare should they become incapacitated? Do you know what your parents’ wishes are with respect to their medical care? Do they want to be left on a ventilator? A durable power of attorney for health care and an advance health care directive can help your parents guide their loved ones in these tough decisions. (See our new section in Elder Law Resources, End of Life Care.)
Do Your Parents Need Help With Managing Their Finances?
People who have powdered your butt or changed your diaper do not want to receive financial or any other type of advice from you. But, if you approach the topic carefully with compassion and caring, you can have a frank, adult conversation about this important topics.
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