Preparing for an aging parents’ future is a responsible step that many adult children take. Planning ahead will help ensure everyone is ready for what the future holds.
Thinking about things like risk and financial management now will help you avoid issues and hardships in the future.
Consider your parent’s current situation and needs
It’s important to think about your parents’ current needs. For example, can they drive and pay their bills without assistance? Are they having vision or hearing issues? Do they still handle day-to-day tasks competently? Answering these questions can help you create a plan for care that will go into the future.
Create legal and medical plans
Making sure your aging parents’ have medical and legal plans in place is essential. Some of the documents to create and have available now include the Advanced Health Care Directive or the Physician Orders for Life-Sustaining Treatment (POLST). These are crucial documents for long-term planning that contain your parents’ wishes related to medical care if they become incapacitated.
The documents should name someone as the medical power of attorney to make decisions on their behalf if this time comes.
It’s also necessary to discuss your parents’ life insurance and funeral plans. If they don’t yet have a will, encourage or help your parents have it created.
Learn about their financial situation
It’s important to understand what financial resources your parents have. This is important to ensure the future is as stress-free as possible. Financial assets to review include their pensions, retirement savings, monthly income and Social Security.
Helping your aging parents plan for long-term care
As your parents get older, their needs will change. Making plans now for this time is beneficial and will reduce the stress when the time comes. Discuss the legal options with your parents now to ensure you know their wishes.