fbpx

Talking To Your Parents About Finances in Virginia

Talk with momIn addition to the strain imposed on millions of Americans related to managing their finances, many are also facing the task of stepping in to help their parents as they age and encounter health related obstacles. While you may consider it an unpleasant topic to approach with your parents, becoming informed and organized will help you more efficiently assist them as well as yourself.

A recent article on KARE11.com, titled "Helping aging parents with financial matters," wisely advises approaching this topic in a respectful manner. The article stresses that you be extremely mindful of the delicate nature of your parents' financial and emotional needs, and that you should not step in if it is not necessary.

Diplomacy is a good start. A measured approach should help you determine when your parent requires some help, rather than relinquishing all control. Remember, not having financial independence when one grows older can be frustrating and depressing. Being aware of this can be very beneficial when you have these conversations with your parents.

Make a list of your parents' income and expenses. Make sure you include any monthly pensions, disability or government assistance your parents receive, as well as any monthly expenses they have (e.g., auto loan, mortgage, utilities, etc.). Keep track of their bank and investment information, such as PINs, savings and checking account numbers, investment accounts, CDs, and stock and bond information. Also, make a list of the contact information of their financial institutions, and think about setting up automatic bill pay for their monthly payments.

Get organized. Make a note of the important papers of your parents. These papers may include birth and marriage certificates, Social Security cards, insurance policies and mortgage information. Check the status of the will and estate plan of your parents. This should include updating the designations for their health care power of attorney and durable powers of attorney. Keep track of the originals and copies. Obviously, if they do not have a will and estate plan, make arrangements for them to speak with an experienced estate planning attorney.

Brush up on Medicare, Medicaid, and healthcare coverage. Do some reading on Medicare and Medicaid, which will help you help your parents now and in the future.

In the end, the best time to have discussions of this nature with your folks is when they are competent and self-sufficient adults. As always, plan ahead. Consulting with an estate planning attorney on their behalf can help you make sure your parents are comfortable and secure in their senior years.

You can learn more about this topic as well as other strategies on our website under the tab entitled: elder law planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.

Reference: KARE11.com (August 13, 2014) "Helping aging parents with financial matters"

 

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment

LIKE THIS POST?

We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.