Will you be spending time with your family this holiday season? If so, it’s an ideal time to discuss your older relatives’ future care. It’s never too early to start this conversation. They are best done in person so that communication is clear and any differences may be addressed. The goal is for your parents to articulate their wishes and for them to feel honored and supported. Allow them to direct the conversation but be firm if they resist discussing these important topics.
Elder care planning is a comprehensive process of organizing legal, financial, and healthcare affairs to prepare for a person’s needs as they age. You will want to discuss assessing health and personal care needs, creating legal documents like powers of attorney and advance healthcare directives and setting a financial strategy to cover long-term care expenses. Create a detailed care plan that outlines medical, personal, and social needs to ensure consistent, quality care and maintain a person’s quality of life.
Engaging a lawyer with expertise in both estate planning and healthcare planning will streamline the process and end up saving money in the long run.
We’ve compiled a list of areas to cover. Your lawyer will be knowledgeable on these topics and will ensure all bases are covered.
- Emergency access and contacts
Bank and investment account numbers and logins
Life insurance policies
401K/IRA beneficiaries
Safe deposit box – location and lock combination
Password manager master code
A physical copy of this information should be kept by two trusted family members.
- Legal Documents
Will (with guardian named if there are minor children)
Durable Power of Attorney
Healthcare Power of Attorney
Living will/healthcare directive
Without these in place, the state decides everything.
- Money Protection
Retirement accounts with spouse or child access
Emergency fund
Term life insurance
Make sure your family is covered financially.
- First 48 hours sheet
Attorney name and number
CPA name and number
Life insurance claim info
Bills’ autopay account
After the loss of a loved one, shock and grief make decisions difficult. Having this list available will ease stress.
- Set up a trust
Revocable living trust – avoids probate, keeps finances private, protects heirs’ inheritance
Be smart about protecting assets.
Pour-over Will – catches forgotten assets
These conversations can be tricky to navigate but if you lead with understanding and compassion you will get through it together. Enlisting professional support early in the process will help.
We wish you a wonderful holiday season and a prosperous new year.
