Today’s longer lifespans have left some baby boomers in the difficult position of planning for retirement, helping their children and caring for aging parents simultaneously. Giving advice to aging parents on their finances and other matters can cause conflict.
To ease the way, start the conversation long before a crisis occurs by asking for copies of documents you might need someday such as property deeds, birth certificates, and insurance policies. Also keep updated information on retirement plans and pensions, Social Security and health insurance.
Ask your parents to create a living will, outlining their health care wishes, and appoint a health care proxy, or person, to carry out those wishes in case they’re unable to communicate.
They may want to also have a living trust, which is a legal document that places their assets into a trust for their benefit while alive, and transfers them to beneficiaries when they die.
If your parents become ill or incapacitated, the trustee can immediately take over financial decisions.
For more information on caring for aging parents, contact us today!