Your Aging Parent & You: 4 Topics You Can’t Ignore
There are four main topics we talk about with all of our clients that is an integral part for planning for aging parents. The first one is housing. The second one is healthcare, which can be difficult, particularly in this day and age. The others are legal preparation, and then the actual finance and wealth behind that process.
When it comes to housing, and deciding if you’re going to stay in your home or move to a facility, can be a really emotional decision for both parents and children. There are many choices to make based on what will fit the individual’s needs best and make them comfortable going forward.
There’s a phrase “aging in place”. What it means is keeping your parents in the home that they’re familiar with, where they feel safe. With today’s technology, you can have nearly all of the medical concerns covered, from nurse visits to prescription drugs, from or in your home.
Healthcare can be a difficult subject, from understanding what your coverage is, to how much of your own personal funds you will have to spend in order to maintain your health. You have to also consider your prescription drug cost. Do you have the coverage that’s going to provide the medication that’s maintaining your health? You must also consider long-term care and ensure that assisted living costs will be covered.
Another issue is “gap insurance”. It’s a complicated topic, but there are supplemental policies that can be utilized to cover some of the costs associated with healthcare.
3. Legal Preparation
I can’t tell you how many times there’s a situation where somebody dies without a will. All those assets have to go through a probate, which means a judge has to determine how they are distributed. It’s very simple to meet with an attorney and begin to address these issues.
Setting up a trust can be a bit of work in the beginning: You have to deal with advanced medical directives and how your children will be involved in that process. We are here to help you go through these steps. If you look on our website, we have a guide (see below) to helping you understand some of those questions that you’ll be asked when you sit down with the estate planning attorney.
It’s important that you understand where your parents’ financial statements are, what institution they’re being held at, and who the beneficiaries are. You want an overall understanding of where all the assets and the liabilities are. As well, make sure that you know who their financial adviser is, so when the time comes, you have easy access to that information.
There’s a lot more information to consider when you begin to engage with them on these conversations. Begin to ask where this information is located, so that you have a full understanding of their situation.
The RJ Patterson Group is dedicated to helping you start that process with your parents. Please fill out the form below to receive the survival guide. And remember, live for today and save for tomorrow.
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