What Issues Do You Need to Consider For Aging Parents?
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Our topic on this episode of the Ready for Retirement podcast is the issues you need to keep in mind when helping your aging parents with their finances and estate plans. James describes the five main categories of issues that need to be considered: cash flow and living arrangements, estate planning, insurance, tax planning, and asset and debt.
No one is really ever prepared to walk through these categories with their aging parents, but with the help of this podcast and the downloadable checklist James has provided on www.readyforretirement.co, hopefully you will feel more adequately prepared for this process.\\xa0
At its core, this process is an investigative one during which you are working with your parents to locate all of their cash flow, estate planning, insurance, and asset/debt documentation. It is important to review the policies and benefits, making note of any requirements and adjusting beneficiaries or other details as needed.\\xa0
It would be helpful to you and your siblings or the others involved in your parents\\u2019 estate plans to have access to the contact information for any attorneys, financial planners, doctors, etc. that are key stakeholders as well as the passwords for any digital assets that your parents maintain before you have a need for them.
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