As adults, one of the toughest things to go through is helping our parents as they get older. It’s essential to have conversations with them about finances and caregiving issues. Eldercare attorney Harry Margolis recommends starting these conversations around age 75.

Financial Discussions

Our parents don’t want to be a burden, but appearances can be deceiving. Gently ask how they’re managing their bills and if they have enough money. Discuss their income, including distributions from retirement funds, Social Security, and pensions. They may not want to share all the paperwork, but you can ask them to put it in a safe place for you to access in case of an emergency.

Importance of a Will and Power of Attorney

A will and durable power of attorney are crucial. If your parent dies without a will, state law will determine who gets their assets, which can lead to family disputes. A healthcare power of attorney, also known as a healthcare surrogate or healthcare proxy, is someone who can make medical decisions if your parent can’t. An advance directive, often called a living will, specifies the type of end-of-life care they want.

Discussing Wishes and Care

Ask about your parents’ wishes for a burial, cremation, or memorial service, and whether they’ve already bought a cemetery plot. According to a 2024 survey from AARP, most older adults want to stay in their homes as long as possible. As people age, it can be difficult, especially if they’re far from the rest of the family. Let them know there are benefits for both of you: they could help with occasional school pickups, and they might get a health boost from interacting with grandkids.

Original reporting: Alexandria, VA News – WTOP News — read the source article.