Thursday, 5 February 2009 15:28
We never want to think about it but what if your parents are really not prepared as much as you would hope them to be for their retirement or for some unfortunate event. It’s never easy to have that discussion with your parents and you certainly don’t need to analyze financial statements but you should have the discussion on a few of the basics…
Make sure the will is up to date and know the location of the signed original.
Location of the key estate planning documents, names and phone numbers of advisors, accountants and lawyers are other good things to know.
Make sure they have the beneficiaries of their life insurance, 401k, etc as they want them to be.
Be sure to talk about their medical insurance, long term care and other financial planning strategies so that you understand their goals and if you might need to help support them or not.
The above are just conversation starter ideas and there are certain other topics that probably should be addresses. Also, as you are assessing your parent’s strategies in these key areas, be sure you have addressed these items within your own financial plans.