Discussing important issues with your parents as they grow older can be challenging. Few adult children have these conversations until a major event forces a discussion. However, waiting until a crisis happens isn’t a good planning strategy. Instead, bring up these subjects before a crisis arises. Keep it casual though – don’t overwhelm your parents, but let them feel your love and concern.
Remember that helping your parents plan is not only important for their well-being as they age, but it will make a difference in your own financial, emotional and physical health as well.
Following is a list of some topics to think about and discuss with your parents:
- Living options– Do your parents want to stay in their current home as long as possible or are they considering moving to a smaller residence, such as a senior living community? Discuss what they would prefer if they were to experience a decline in health and need greater assistance with the activities of daily living.
- Estate planning– Have your parents talked to a financial advisor about the best way to pass their assets to you or how their assets can help provide for their own care in case of a decline in health or incapacity?
- Advance healthcare planning– Have your parents completed advance directives for healthcare, including a healthcare power of attorney and living will?
- Long-term care insurance– Long-term care is not covered by Medicare, and paying for it can quickly deplete financial resources. Investigate whether your parents are good candidates for long-term care insurance.
- Avoiding crime and fraud– Scams and unethical sales methods aimed at senior citizens can cause serious financial loss. Seniors who have been victimized often are ashamed to discuss the incident, so educate yourself and your parents about crooked sweepstakes, identity theft and unscrupulous salespersons.
These topic suggestions are intended to provide a framework for seniors and family members as they talk and plan together. And if the “teamwork” aspect isn’t working as well as you’d like, consider adding outside new members to the team! Your loved one’s healthcare provider, a geriatric care manager, financial planner or eldercare attorney can all provide valuable help and guidance.
Remember that you share a common goal in this planning: that you and your loved ones are able to live life as fully and joyfully as possible.
Article Source: http://www.rightathome.net/about-you/top-10-things-to-discuss-with-your-parents/