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A Family Guide to Aging Parents
Published Date : July 31, 2025
While it is never easy to discuss aging issues with our parents, these conversations are necessary to ensure that our loved ones can live out their final years with as little stress and conflict as possible. Given the complex dynamics between parent and child, it is important to approach the matter delicately as roles begin to shift and parents want to cling to their independence. Addressing challenges such as finances, living arrangements, and estate planning can often be met with resistance, but by initiating the conversation before parents lose cognitive and physical abilities, you can potentially increase the chances of a smoother transition. Find a way to communicate that allows them to feel safe to express their goals and assure them that they will be a part of decision-making along the way.
A good first start could be as simple as taking over the responsibility of paying their bills. Be sure to include them in the process before you take over completely so they still feel in control. This is an ideal way to get a handle on their finances and understand their cash flow while offering a window into their greater financial picture. For example, do they receive monthly Social Security benefits? If they are receiving required minimum distributions from IRAs, what is the current balance of those accounts and when are they projected to run out? Do they receive dividends from a taxable account? If you are unsure of the answers to these questions, this is an opportune time to help them streamline their finances and understand their full financial picture. It is important for both of you to determine if they have sufficient funds to carry out their wishes for the remainder of their lives.
Once trust has been established, gather all their important documents such as house deed, car registration, life insurance policies, and estate planning documents. You should have a clear understanding of their estate plan, which may entail meeting with their attorney. Do they have updated wills, trusts, and beneficiary designations? This is also the perfect time to obtain contact information for their other important professionals, such as their accountant, insurance and medical providers so there is no loss of continuity should your parents become incapacitated.
Lastly, one of the most important documents is called a power of attorney, a formal designation giving you the power over your parents’ legal and financial matters. This can only be granted while they are still mentally competent. While completing this document, be sure to also execute an advanced healthcare directive which outlines healthcare preferences and decisions once the individual is no longer able to communicate their wishes.
Getting a clear vision of your parents’ financial picture will enable you to focus your energy on providing them with an enriching and secure life in their golden years . For additional guidance on the subject, reach out to your Wealth Manager for more in-depth tips on ensuring a smooth and successful transition.
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