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Health & Fitness

What Are Your Parents' Plans and Why You Should Care

Have your parents done proper planning so they can age gracefully? If not, it could come back to hurt you.

It can be a tough subject to broach but it is important to know if your parents’ have long term plan for their aging. Unfortunately, if they haven’t done any planning then you and your siblings are the ones who could be at risk. It’s definitely not a fun conversation to have. However, it’s also not necessary for you to know all the details of their plan. Rather, just finding out if they have done (and updated) some of the basics can be important.

You don’t have to be wealthy to need basic estate and elder care planning.In fact, almost everyone needs some of the basics. As people get older it becomes even more important to plan for the final days.

Some questions to get the conversation started are listed below. I know some people will struggle with discussing these things with their family but maybe there are a couple of questions that you are comfortable asking. Also, if you have siblings, try to include them.

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Mom and Dad....

Do you have any formal plans in place if you were to become incapacitated? Who will make health and financial decisions? (They don’t need to tell you who they have chosen but make sure they have documents that instruct what they want)

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Have you thought about what will happen to your house when you guys are gone?

Have you discussed how you want to live your final days?

Do you store your important documents somewhere safe?

Have you done Will? Powers of Attorney?

Are there any personal effects you want specific people to have when you pass?

Will you be able to afford a long term care facility?

The key is not necessarily asking the right questions. The point is to get the conversation started. Start the conversation and see where it goes

This post originally appeared here.

Matthew B. Brock, CFP®
Senior Partner, Owner
Divergent Planning, LLC
matt@divergentplanning.com

Securities and Investment Advisory Services Offered through H. Beck, Inc., Member FINRA, SIPC.

H. Beck Inc. and Divergent Planning are not affiliated.Senior Partner, Owner

 

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