Squared Away
The time comes in all of our lives for the need to enlist the help of friends and family members to square away financial matters. Here, we enlist the expertise of local elder law attorney Aaron Webb, who outlines several essential financial topics to discuss with aging loved ones.
Right Place and Time
For some families, the most daunting part of this process is starting the conversation. Webb advises that intentionality goes a long way in helping facilitate these discussions with aging loved ones: “I often advise my clients to imagine their children having these types of conversations with them, and to approach their own parents with the same respect that they would want to receive themselves.”
Keeping this in mind, be sure to start the conversation in a private, relaxed environment, such as after a family meal or during a regular visit. For the best outcome, Webb strongly advises to avoid having these conversations in a hospital or nursing home setting, as this can easily heighten tensions and anxieties between family members. Webb says, “Remember to approach the talk with sensitivity, respect, and preparation.”
Topics to Discuss
When planning for these discussions, it’s helpful for all parties to know the essential topics for comprehensive senior financial planning:
Current Financial Situation: For starters, get a gauge of your loved ones’ current financial situation, including any sources of income, living expenses, debts, pensions, 401(k) distributions, Social Security benefits, and annuities. Ideally, starting this conversation early will prevent potential challenges before they arise.
Healthcare Needs: You also want to ensure that your loved ones have adequate healthcare coverage for their needs and consider long-term care options. Webb adds, “Studies show that seniors tend to have more health concerns requiring doctor’s visits and prescriptions as they age, so having good healthcare coverage helps protect both their physical and financial health.”
Estate Planning: It’s also crucial to discuss end-of-life arrangements with aging loved ones, including updating documentation such as wills, power of attorney, and living wills. Although difficult, this conversation aims at reducing stress for all family members and ensuring that your loved ones’ wishes can be fulfilled.
Find an Organizational System
As these discussions will take place over a long period of time, a solid goal to work towards is developing an organizational system that works for all parties involved. This can include compiling important documents, making a list of usernames and passwords, and updating any necessary information. You may wish to make copies of important documents for your own records, at which point Webb recommends, “Reassure your loved ones that you will keep these documents confidential and that you will only refer to them as necessary to help them maintain their independence and dignity.”
Collaborate with Local Pros
If you or family members are feeling overwhelmed by these conversations, rest assured that there are professionals who are able to help navigate these waters. It’s likely that your aging loved ones already have connections with financial professionals, attorneys, healthcare providers, and religious leaders, and by forging relationships with these professionals you can understand more about the specific financial needs of your loved ones in the coming years.
Webb concludes, “By working collaboratively with your loved ones and the professionals who can support them, the aging process can be made less scary and provide the calm and confidence you need to ensure that your aging loved ones thrive in their golden years.”
Aaron Webb
Elder Law Attorney Founder, Senior Life Planner
