Normally, your parents’ generation does not like to talk about their finances. There are, however, a few things that can and should be discussed with your parents and/or other elderly loved ones.


Document Locator: Taking Pressure Away During Times of Stress

One of the most valuable things you can do is work with your parents or loved ones to fill out a document locator, which should include the location of wills, trusts, bank account statements, and other accounts or insurance policy information.

It isn’t vital at this stage to necessarily know the value of assets, as much as it is important to be able to track down the information once needed. This simple measure can take so much of the pressure off during times of stress resulting from illness or death.

Click the Links Below to Print Your Document Locator

Document Locator 1

Document Locator 2

Get details about what, if any, legal paperwork has been prepared. Do they have a power of attorney for property (assets), a power of attorney for health care, and/or a living will? If these legal documents haven’t been executed, consider meeting with an estate planning attorney on these issues and more.

Take time to review that all beneficiary designations are up-to-date and in keeping with the owner’s wishes. Be sure to look at life insurance, pension, IRA, annuity assets, and certificates of deposit to name a few.

Long term care should also be investigated with retired elderly parents as a means to slow the possible erosion of their assets. This is especially important if there is a big age difference between a husband and wife. Unfortunately, long term care is not always a viable option if there are major health issues.

You may want to consider meeting with an attorney who specializes in elder care planning, which can prove to be a very integral part of insuring that major issues and financial concerns are addressed. Taking the time to do this with your parents will also help to lessen or avoid pit falls upon death. Click here for an article about a “pickle” of a situation you don’t want to find yourself in.

At Kline’s Investment Services we have a lot of experience in helping the elderly and their children in times of need. Please give us a call at (330) 673-2988 to discuss how we can help.

We also work with Veterans and their families using special long term care government options.