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As you parents grow older, you may wish to discuss their financial plans for after they retire.
This may be an uncomfortable subject to breach, as you may not have needed to discuss these matters with your parents until now. However, by doing so, you can help them achieve a stress-free retirement and allow them to live out their golden years in comfort.
The following are three steps to take as you assist your parents with their estate and retirement planning processes:
1) Consult a financial advisor
These professionals offer advice on investment options, how much your parents should be saving, how to handle any credit card debt and the general lifestyle that’s possible based on their income, savings and investments.
A financial advisor will start by reviewing the current state of your parents’ finances and developing a sound plan for the years ahead. You may attend these sessions with your parents so you have a good idea of how you can approach their financial health wisely.
2) Ensure housing is on a solid financial foundation
Most people want to stay in their homes as long as possible, something that’s increasingly feasible thanks to aging-in-place services. However, being able to afford these services on a long-term basis might not be easy. Other options include living at a facility with part-time or full-time assistance.
Exploring the cost of each option early on means you will not have to make a rushed decision if one or both of your parents develop a serious medical condition requiring them to move out of their home and into a care facility.
3) Discuss estate planning
Talking about what will happen when your parents are no longer here is never easy, but it’s important to take the time to discuss their last will and testament and other estate planning documents with them. An Ohio estate planning attorney can draft the necessary legal documentation to ensure your parents’ wishes get carried out appropriately, while other covering issues like power of attorney, advance healthcare directives and revocable and irrevocable trusts, if necessary.
Be sure to have your parents keep their will and other estate planning documents in a secure place, such as a safe deposit box at a bank. You or the estate executor should have access to these documents in the event one or both of your parents pass away.
When you are working with your parents to plan for their retirement, an estate planning attorney can provide valuable guidance and assistance. Consider working with the team at Seif & McNamee to get the peace of mind you and your parents deserve, while allowing them to preserve more of the assets and property they have worked hard to obtain throughout their lifetimes. Our firm has convenient offices in Chillicothe and Waverly.