How can you help your parents plan their future?

On Behalf of | Dec 15, 2021 | Estate Planning | 0 comments

If your parents do not have a plan in place for the time when they may need additional care or a long-term care facility, then the actual event can feel like a whirlwind of chaos and stress for them and for you.

Fortunately, having a plan in place can help avoid this almost entirely. With guidelines in place, you can help your parents make a relatively smooth transition from a fully independent style of life to a life with needed additional assistance.

Expedited or crisis planning

Rewire discusses helping parents plan for aging. Know that if you wait to act, you will have to stick to an expedited timeline. While this is doable, it is not the ideal situation. You will need to research and understand matters like paying for nursing care, preserving the legacy and assets of your parents, and attaining the best possible care for them. You may also have to do all of this without your parents’ guidance or input, depending on the severity of their conditions.

Why you should start now

Fortunately, if you have time now, you can start on plans for both your parents and you. You can lay the groundwork for asset protection and powers of attorney for financial matters and healthcare as well as other complex matters while having the time with your parents to consider more options. You can help avoid many of the major pitfalls of crisis planning.

Regarding your own future planning, this can save your younger relatives from having to go through the same struggles when you inevitably age and begin to need help, as well.

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