Delaying these discussions until a senior’s decline is evident may already be too late. CNBC’s recent article entitled “Waiting to talk finance with an aging parent in cognitive decline is a mistake, experts say” says that you should be talking to an elderly parent while they’re still working because they’re still competent and still able to fund [long-term care] and pay the premiums from income. Working with an elder law attorney will ease the transition of your parents through the retirement process and into life after retirement.
Some events that could trigger these conversations include a parent thinking about downsizing, claiming Social Security, going on a long cruise, or noting that a friend is going into long-term care.
Ask questions to get a clear understanding of your parents’ financial situation. However, it is important to understand that gathering information may take several conversations.
When a senior appears to be declining, see how they respond to basic questions, such as whether they know how much money they have and where their financial documents are located. If their answers seem abnormal for them, they should have a trusted contact.
It may be time to consolidate their assets and, if they want a legacy, they may start Medicaid planning to conserve their assets through a trust that takes the assets out of their name. Ask an experienced elder law attorney about this.
Some documents should be completed at this time, if they haven’t already.
Adult children should get authorization to release information and/or designation of a representative forms from their parents’ insurance company and other relevant service providers.
A financial advocate, who’s usually a family member or friend, should be bonded and insured, with some kind of oversight by another party. The advocate can assist with major financial responsibilities, including:
This is a way to maximize the older adult’s independence. A financial advocate uses the senior’s values and preferences to guide financial decisions, which prevents outcomes that go against their wishes. If it is time to discuss plans for your parents in their life after retirement with an elder law attorney, call our offices.
Reference: CNBC (Nov. 30, 2021) “Waiting to talk finance with an aging parent in cognitive decline is a mistake, experts say”
Legal problems are extremely stressful, especially when your family, your health, or your freedom are at stake. At this point in time, you may not even be sure what kinds of questions you need to ask a lawyer, but that’s entirely normal. Whether your situation involves family law, estate planning, elder law, a criminal charge, or a personal injury, we will start by giving you all the information you need.
The way we see it, you deserve to get this information directly from an expert. That’s why we make it easy for you to get in touch with your lawyer, and we never ask you to sit down with a paralegal or assistant instead.
As our relationship continues, we will keep you updated about the status of your case every step of the way. Your lawyer will reach out regularly to tell you about any new developments, and he will also be happy to answer any questions you have throughout the process.
