Assisting Elderly Parents
If it is possible your parents will be in need of your help for legal, financial or medical decisions, it is imperative you talk with them to find out their situation. Key issues are as follows: Do they have enough money to be comfortable for the rest of their lives? Are they properly insured for medical needs? Do they need long-term care insurance? Have they updated their wills to reflect their current desires and laws? Do they need estate planning? An open conversation is the best way to proceed, but sometimes this can be difficult. Another approach would be to have them meet with a financial planner, preferably with your participation.