When it comes to having a thorough conversation about aging with their parents, many adult children may be hesitant. However, open communication is crucial to not only planning for the family's future, but also ensuring the senior's happiness.
FavStocks.com recently shared some topics that one should ask parents about during this discussion:
1. Their Financial Situation – While families often keep finances a secret, it's important to know about a parent's needs and savings. Last will and testament, loan documents and other papers should be organized and examined. One should also touch on the topic of financial assistance – many seniors may need at least a little help, but are too stubborn or embarrassed to ask.
3. Aging at Home – Many seniors want to age at home, but families may not be able to support them all of the time. Instead, go over alternatives, such as installing a senior alert system in a home so that older adults are able to send a medical alert in the case of an emergency.
2. Power of Attorney – Families should also ask about a parent's specific preferences concerning how they will be cared for if they become incapacitated and how their finances will be distributed. To hammer out the details, an attorney may be required.