Are your parents nearing retirement, or already there?
If so, it may be time to have some potentially difficult conversations about financial and aging issues.
But for everyone’s sake, don’t avoid these so-called taboo topics.
First, consider health care. Find out if your parents have the appropriate legal documents, such as a health care power of attorney.
Another subject: Independence. Have they made any plans in case they need some type of long-term care, such as a nursing home stay?
Also, find out about your parents’ financial arrangements. Have they updated their will?
Have they named a financial power of attorney to make decisions for them if they become incapacitated?
Finally, have they done end-of-life planning? Have they left instructions in their will about their funeral preferences?
These are sensitive subjects to discuss, but you may not have to go it alone – you could get help from other family members or a trusted legal or financial professional.
In any case, keep talking. 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. Member SIPC.
