Having a family conversation, or discussion with an attorney, about ways to protect assets will almost certainly prevent grief and heartache in the event of an emergency. Potential topics include your loved ones’ wishes with respect to end of life, whom to call in the event of a crisis, and ways to protect their money and personal property. Bringing up the subject of money may feel awkward at first, but learning the location of financial accounts, as well as where bills, deeds and wills are kept, can be a critical step in advance planning. Learning the names of your parents’ lawyer, accountant and financial advisor is also important. Elder law and trust and estates attorneys can offer helpful legal tools that can be put in place to protect family members in the event of a crisis. These documents may include a durable power of attorney, a will, a revocable living trust or a health care proxy.
AGING WELL
Having adequate income is of critical importance to one’s overall health in later life. Experts estimate that retirees will need, on average, 70 percent of their pre-retirement income to maintain their standard of living when they stop working.1 Helping your parents keep an eye on their finances can ensure that they will be able to pay for needed care and enjoy the quality of life they deserve.
1 http://www.acfccares.com/careville/sencenter/articles/AC_AgingWell.html