What Issues Should I Consider For My Aging Parents?

This checklist covers a number of important financial issues to consider when becoming a caregiver for aging parents. These include:

Examining parents’ finances to determine if they are able to manage their own expenses. There may be sources of income available to the parents of which the parents are unaware. Having access to parents’ important documents such as any estate planning documents. Knowing the names and contact information for any advisors their parents use such as an attorney, financial advisor or accountant is also important. Investigating ways to cover the cost of long-term care, such as Medicaid planning or a reverse mortgage, if parents need it. Ensuring that their parents’ tax situation is in order, managing any capital gains or losses, as well as fully utilizing any deductible medical expenses. Keeping up-to-date with their parents’ estate plan, including estate tax issues and beneficiary designations on insurance policies and retirement plans. Overall, it’s helpful to stress the importance of having a handle on all of their parents’ assets, liabilities and all related financial issues as a time may come when their parents are unable to manage their own affairs.

Click here to read more.

Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.