A study by Princeton, Harvard and Federal Reserve researchers indicated that financial decision-making ability begins to decline in our mid-50s; however, many people have a difficult time discussing important financial matters with aging parents, even though they believe doing so is important.
Here are two essential conversations you need to have with aging parents as soon as possible:
Healthcare – the largest expense later in life is for healthcare, and with costs continuing to rise, having a plan for medical, disability and long-term care is critical to help protect assets. Talk to your elderly parent about doing a thorough assessment of their healthcare coverage, which should probably include Medicare and supplemental policies.
If they are not yet retired, discuss disability insurance. And since most Americans will need long-term care at some point in their lives, it’s also time to help them plan for this, whether through long-term care insurance or other options. They also need to have named a healthcare agent to make medical decisions on their behalf in case they are unable to do so at some point.
Estate planning – if your parents have not created an estate plan, it is time to talk about doing that. At the very least, they need to have a will and designated powers of attorney for healthcare and financial decisions in case of incapacitation. A Florida estate planning attorney can provide you with the proper guidance for this conversation, and assist you in discussing these important decisions with your family.
If you’d like to learn more about how we can help you with your long-term care and Medicaid planning, please contact us for your initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.