As your parents grow older, it may be time to talk with them about financial and aging issues.
Position these conversations to honor their plans and understand their wishes, so their affairs will be taken care of as they would like.
First, consider health care.
Find out if they have limits on medical care and appropriate legal documents, like a health care power of attorney.
Another subject: independence.
Have they thought about the need for long-term care?
Also, ask if they have updated wills, revocable trusts, and durable powers of attorney, so a trusted person can make financial decisions if they become incapacitated.
Finally, have they left instructions in their will about their funeral preferences?
These are sensitive subjects, but you can get help from other family members or a trusted legal or financial professional.
By raising these issues with your parents, you can help avoid unpleasant surprises - and maybe even create some peace of mind for your family.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
