For many the talk about the birds & the bees seems to be the hardest but in reality, “The Talk” about money with your Parents is worse. My Dad passed away in a blink at the age of 50, this forced an abbreviated version of the talk, but it has been 28 years and we need to have the talk again.

My Mother recently went to see her 91 year old Brother who was put under Hospice care, this has forced the issue. I have found out that while she has paid for a cemetery plot, she has not arranged for or pre-paid for a funeral. She does have a life insurance policy that should cover that expense. I also found out that she does not get rid of any statements. She has about 40 years of statements neatly bundled together – why?! I told her that she only needs to keep a few years (but not really in our world today) if that would make her happy.

What we really need to find out is; does she owe on anything? Who does she hold credit cards with? Who is her health insurance with? What does that cover? Where is all of her liquid money and where are the retirement accounts? One would assume that I, of all people, would know these things. Our Parents that are in their mid 70’s or older do not like to talk about money.

You have to have “The Talk” – it will make things so much easier in times of illness and death.

disclosures:http://www.hechteffect.net/?page_id=31

For the last 8 months we have been going through agony trying to help my Father-in-Law, who has Parkinson’s. He has known for years that he has this disease but refused to prepare. I don’t want you to have to walk down the same path we have been. Here are some very important questions to ask your Parents – and don’t stop asking until you get answers.

Where are your assets held? You will want to know where they bank, do they work with a Financial Advisor, who holds their insurance policies, and have they filed their taxes.

What different doctors do they see? What medications do they take, where are their health insurance policies, have they names anyone through a health care directive?

Do you plan on staying in your home? Is the house assessable for a wheelchairs or walker, what type of caregiver can be brought in to help, is everything in working order?

It is a tough conversation to have – but one that must be had.

disclosures:http://www.hechteffect.net/?page_id=31

A: You might need as much as $1,500,000 to self-insure for long term care. We are currently spending $1500/week for my Father-in- Law and his Wife. That is $390,000 over 5 years, $780,000 over 10 years in today’s dollars. Inflation for medical care is rising faster than for other goods and services. With a projected 37% of adults age 65 projected to need assistance, planning for this very real issue is important. There are many different ways to fund for Long Term Care. Feel free to contact me to discuss this issue. nancy@financialgroup.com or 407 869-9800.