As your parents age, it’s natural to have concerns about their estate plan. Even if they have a plan in place, it never hurts to discuss it with them to ensure that they haven’t overlooked anything of importance.
Here are three estate planning details to discuss with your elderly parents:
- Long-term care planning: For example, if your parents are eligible for Medicaid, talk to them about the application process and when it makes sense to apply. They may find that they’ve been missing out on this government benefit for a long time.
- Incapacity planning: The older your parents get, the better chance there is that one or both of them will face incapacity. Through incapacity planning, your parents can name someone to manage their health and finances in the event that they’re unable to do so.
- Asset protection: There are strategies your parents can follow to protect their assets, such as in the event that they require a long-term stay in a nursing home. The sooner they think about asset protection, the sooner they can implement a plan.
Tread softly when discussing estate planning with your parents, as you don’t want to give off the wrong impression. If you talk entirely about money and whether or not you’re included in their estate plan, your good intentions may come across as selfish.
As you discuss estate planning, don’t hesitate to provide guidance to ensure that your parents make informed and confident decisions. This will give you and them the peace of mind you need, both now and in the future.