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| Elderly parents: How do you get them to plan? |
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EARLIER last week, I was called for yet another home visit to prepare and execute a Power of Attorney for an 86- year old lady who was just released from a hospital surgery. While still feasible (with the presence of credible witnesses), this comes to mind at an alarming note as more and more elderly Americans are getting sicker without even a Power of Attorney, much lest, an estate plan.
Whether it’s fear, lack of confidence, or simply lack of proper education on estate planning and the possible financial and emotional turmoil that goes without it, elderly parents need to realize more than ever that an estate plan is a necessity.
One of the most important things you can do to help your aging parents is assist in planning their estate. This will clarify their wishes and ensure that they receive the best care possible without placing a heavy financial burden on you and the rest of your family.
Open up a conversation with your parents. Keep it low-key and relaxed. Start by asking them who should look after their affairs in the event of any medical emergencies. That may pave the way for a dialogue on your parents’ financial affairs. If not, spell out the chaos and confusion that could result from not addressing the issue. Be patient, be respectful, and have this conversation in several sessions if necessary to smooth feathers.
Designate a point person for your parents’ health-care affairs. Ideally this person is designated by your parents, is objective, and has your parents’ best interests in mind. It could be you, a sibling, a family friend or one of their trusted confidants.
Have a backup plan. In the event that an estate designee isn’t on hand to make a decision, select a second person--ideally one who is equally familiar with your parents’ situation.
Discuss drafting a living will. Assure them that this document forces medical providers to honor their personal medical choices in the event of a debilitating condition, such as a terminal illness or coma, when they are no longer able to speak for themselves.
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