Planning for the future is important, but what about mom and dad’s future? When parents grow older, there is a good chance that someone will need to step in to handle their affairs, whatever those may be. The sooner this talk happens with parents, the better off you’ll both be. It is never too early to start preparing for the future! Having “the talk” with parents can be tough. 
The important things that you need to discuss with an aging parent are:
Finances
- Make a comprehensive list of all of mom and dad’s accounts.
- Review benefits from Social Security.
- Simplify and consolidate accounts whenever possible.
- Get the contact information from all financial advisers.
Insurance
- Get contact information from all of their insurance advisers.
- Make a list of any insurance policies and where they are.
- Review all insurances: health, home, auto, umbrella liability. Make sure they are up-to-date and appropriate.
Legal Documents
- Find out if there is a will or estate plan and whether or not it reflects their wishes.
- See if they have an up-to-date durable power of attorney for finance and health care.
Health
- Keep note of any medications they’re taking and make a list of their doctors.
- Coordinate benefits between care providers and any insurance companies.
Living Arrangements
- Make sure the current housing situations are appropriate for parents’ condition.
- Does the house need any modifications to be better suitable for your parents?
- Make sure both parents are prepared for any contingency plans for illness, disability, or death of a spouse.
Thornton Law Firm can help tremendously when it comes to planning for the future of elderly parents. From wills to health care POAS and trusts, we have it all covered! Contact us today to get started.