Watching our parents age can be tough not only emotionally but also financially. Your parents may need help as they age. Are you ready to help? Here are some items to discuss with your aging parents:
Long term care
- Do they have a long-term care policy? If so, what are the daily benefits? Is there a wait period? Is there a maximum benefit allowed or is the policy unlimited?
- Do they have a preference of remaining in their home versus moving to a community that provides different levels of care? Is it feasible to bring care givers into their home to provide care?
- Are they interested in looking at facilities prior to the need arising?Funding/Cash Reserves
Funding / Cash Reserves
- Cash reserve – is it time to tap into the retirement funds?
- Do they qualify for VA Benefits of any sort?
- Do they qualify for Medicaid?Estate Plan
- Do they have Wills, Powers of Attorney and Advance Directives for Healthcare? If so, are they current? Do they still address your parents’ wishes?
- Have they created and funded a revocable trust?
- Have they created and funded any irrevocable trusts to protect assets?Information
- If your parents don’t have a file or files listing their assets to include financial institution, account number, etc., consider working with them to collect this information.
- If your parents don’t have a list of their medications, consider working with them to create a list of their current medications. A list comes in handy if they are transported to the hospital and you need to answer questions regarding what medications they are currently taking.
- If they don’t already have a list of their advisors and physicians, create one so that you are able to reach them if needed. Strategy /Plan
- If they do not have a plan in place, assist them with implementing one.
- Identify an attorney to assist with Wills, Trusts, etc.
- Identify a financial planner to assist with a review of their assets, projected cash flows, etc.
- Review requirements for VA Benefits if your parent serviced in the military during a wartime.
If you need expert advice about estate planning, contact Grissom Law, LLC at 678-781-9230.
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