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 their finances, end-of-life plans, and living arrangements. Eldercare attorney Harry Margolis recommends starting these conversations at age 75.

Finances

Adult children should gently ask their parents about their financial situation, including how they’re managing their bills and if they have enough money. They should also discuss income, investments, and retirement funds. It’s crucial to review beneficiary designations on accounts and ensure they are up-to-date.

Adult children can help their parents by setting up autopay for bills, streamlining their finances, and helping them find resources for financial assistance. They can also encourage their parents to have a conversation with a healthcare provider if they notice any signs of cognitive decline.

End-of-Life Plans

It’s essential to discuss end-of-life plans with parents, including having a will, durable power of attorney, and healthcare power of attorney. Adult children should also ask about their parents’ wishes for burial, cremation, or memorial services.

Adult children can help their parents by encouraging them to meet with an estate planning attorney and reviewing beneficiary designations on accounts. They should also ensure they know where important documents are located.

Living Arrangements

As parents age, it’s crucial to discuss their living arrangements and whether their current home is still safe and comfortable for them. Adult children can help their parents explore options such as home adjustments, home-sharing, or assisted living.

Adult children can help their parents by exploring options for in-home care, such as hiring someone to assist with meals, laundry, and errands. They can also help their parents research continuing care retirement communities or assisted living facilities.

Original reporting: Texarkana Gazette — read the source article.