www.NormandyParkWA.gov 19 FINANCIAL FOCUS® Putting your aging parents' wishes first As your parents grow older, it may be time to talk with them about financial and aging issues. Mention ahead of time that you'd like to discuss their future plans and reassure them that your goal is to understand their wishes so their affairs can be handled as they would like. If your parents are agreeable, choose a comfortable location and ask whom to invite. Consider how to open the conversation, avoiding a focus on money or inheritance. Instead, discuss their vision for the years ahead and how they would like important decisions handled. A series of shorter conversations may be more comfortable and productive than trying to address everything at once. Try to address these areas: • Health care – Determine whether your parents have key health-related legal documents, including a health care power of attorney to make medical decisions on their behalf and a living will outlining the medical treatments they would or would not want. • Independence – Have your parents considered long-term care options, such as assisted living, a nursing home or home health care? If they expect support from family members, do their expectations align with yours? • Financial goals – Discuss the personal and financial legacy your parents hope to leave. Have they updated their will or other estate documents, such as a living trust? Have they created a durable power of attorney for someone to make financial decisions if they become incapacitated? Do they have current beneficiary designations on insurance policies, retirement plans and bank accounts? Framing these issues around honoring their wishes can help make the conversation more productive. • Last wishes – Learn whether your parents have instructions regarding their funeral and final wishes. You or another family member should know who is responsible for carrying them out. Money, independence and aging can be sensitive topics. You don't have to go it alone, though — enlist help from another close family member. Or, if your parents work with an attorney, financial professional or other trusted advisor, consider asking if they’re interested in having them participate in your talks. You might even be able to introduce your parents to one of your advisors. In any case, keep talking. These conversations can be challenging, but if handled correctly can be of great benefit to your parents and your entire family. Provided by: Tiffany Kocher, Financial Advisor 19865 1st Ave S Normandy Park, WA 98148 206-243-4300 Tiffany.Kocher@edwardjones.com This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC PAID ADVERTISING CONTENT
View this content as a flipbook by clicking here.