Over the next few days, this series of videos, I’ll discuss the important topic of having an “aging checklist.” What do I mean by that?
So, Several times a year, a client who is caring for an aging parent will confide in me, “I told my kids if I’m ever in that state, they should just shoot me.” The comments are made in jest (usually), but there is a strong element of truth to it. Dealing with an aging family member can be very difficult. It’s hard on the person who is losing control and, oftentimes, even more difficult on their family. While many folks want a quick fix to deal with aging, practically, the best approach is to plan ahead.
According to AARP, 30 million households are providing care for an adult over the age of 50. That number is expected to double over the next 25 years as people continue to live longer. Given these realities, one important consideration I recommend to clients approaching retirement is to craft an “Aging Checklist” to complement their retirement and estate plan. This comprehensive checklist can save a tremendous amount of time and headache when caring for a loved one.
The best time to start crafting an “Aging Checklist” is several years before retirement. This type of coordination can be overwhelming and emotionally taxing on the family. Taking small steps over the course of the last few years of one’s career allows for prudent decision making without the pressure of a time crunch.
Over the next few days, I will highlight a list of points to work through with your financial advisor, accountant, attorney and family members to help with the transition process.
Today, let’s discuss…
Estate Planning Documents:
Here are just a few points to ponder and to include for your aging checklist…
- Be sure to Include the contact information for your estate and elder care planning attorney.
- Do you have a will or estate plan and is it current with your wishes?
- Do you have a current durable power of attorney for your finances?
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- Do you have a current durable power of attorney for healthcare?
- Does your healthcare power of attorney contain a healthcare directive that spells out wishes for life-prolonging care?
- Were trusts set up for estate/long-term care planning purposes? If so, are they up to date and do you have a copy of the trusts? Who are the trustees? Were the trusts funded?
- And here’s a Planning Tip:Set up a time to meet with your attorney, trustees, and any relevant family members to get the aforementioned items clarified and updated.