The challenge of helping aging parents is a most common issue. For example, a man’s father, who recently was diagnosed with dementia, couldn’t remember where his money or financial records were kept. That makes for a gut-wrenching situation, trying to locate important documents while caring for an ailing father.
Have that tough conversation now and concentrate on the top areas of your parents’ well-being. It will help alleviate the administrative and emotional burden of caring for them. Parents should to be reassured that you’re not trying to take control of their lives or take advantage of them. Begin the conversation early—that’s best for the long-term interests of the whole family.
With that in mind, NASDAQ’s article, “Long-Term Care and Wealth Planning for Aging Parents,” points out some of the most important financial issues, decisions and plans to discuss with your parents:
Despite being somewhat uncomfortable, a conversation with your parents about their health and wealth as they age is very important. You can show your parents that you have their best interests at heart and can avoid some future conflict and challenges.
Reference: NASDAQ (August 10, 2016) “Long-Term Care and Wealth Planning for Aging Parents”
Kimberly Hegwood is the Managing Attorney of Your Legacy Legal Care, a Houston estate planning law firm. With more than 25 years of experience practicing law in Texas, she represents clients in a wide range of legal matters, including elder law, asset protection, estate planning, Medicaid crisis planning, probate, guardianship, and other estate planning practice areas.
Kimberly received her Juris Doctor from the South Texas College of Law and is a member of the State Bar of Texas.
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