Talking to your aging parents about long-term care options and elder planning considerations can be difficult — but don’t let that stop you from having the necessary discussion. Here’s some advice for how to start and what you should say.
In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to share a few tips on how to start the discussion on elder planning with your aging parents. This is a delicate, complex and often unwanted conversation — but the earlier you have it, the more time you have to make decisions and work through those uncomfortable emotions.
I recommend you start early. Give everyone as much time as needed to explore options and make decisions. Don’t let a fall or accident move the conversation forward — that’s not planning, it’s reacting.
Involve your parents and all siblings. Everyone will have differing opinions and it’s important to make sure all voices are heard in the discussion. The big things you’ll need to work through are Medicare, long-term care insurance and personal savings. Take the time to hear each other out and make decisions that make the most sense for everyone. Will someone need to quit their job to help take care of Mom and Dad? What about assisted living? These are things that should be discussed in case they’re necessary — but not on a spur of the moment’s notice.
Be bold, but be tactful. These conversations are important and you’ll want to take your time to make sure you work through all legal, financial and emotional concerns.
Remember: You can subscribe to my YouTube channel for even more practical advice on making the most of your money and life. Get more details on elder planning in the next episode of Your Money Minute!