Westhill Consulting Insurance – Saving for your ageing parents : an easy guide to where to start

1. onehomeinsuranceoneinsurance.comSaving for your ageing parents: an easy guide to where to startWesthill 1-800-555-5555 Were to assist you 24 hours a day, call us!Consulting Insurance

2. The needs of elderly parents can surpriseevenprepared,butthose youdon'twho haveonehomeinsuranceare tosupport your family aloneoneinsurance.com We all want to age like the late Pete Seeger, who celebrated his 90th birthday performing onstage in front of thousands 1-800-555-5555 Were to assist you 24 hours a day, call us!of adoring fans of all ages at Madison Square Garden,

3. and went on to entertain the one home Newport Jazz Festival audiences a insurance few months later.oneinsurance.com1-800-555-5555 Were to assist you 24 hours a day, call us!In our pragmatic moments, we know that the odds of living that long and in such good health arent in our favor. We know we need to plan not only to live longer but perhaps to spend more time in costly nursing homes or care facilities. It's not just ourselves we have to worry about. Failing to develop a plan to help our parents in their final years could deliver a similar kind of blow to our emotional and financial wellbeing. In the last few months, Ive watched three friends, ranging in age from their 40s to the early 60s, scramble to resolve non-medical problems for their parents. In all cases, that meant forking out on costly airfares to be there in person

4. oneinsurance.com1-800-555-5555 Were to assist you 24 hours a day, call us!in one case, it required money to one home hire a new accountant. Ive insurance always been aware that at some point, there would be an emergency, but I had assumed it would be a stroke or something, not this, one told inme, ruefully. required money to hire a one case, it new accountant. Ive always been aware that at some point, there would be an emergency, but I had assumed it would be a stroke or something, not this, one told me, ruefully. Im not suggesting that you double your savings rate to ensure that your nest egg is large enough to cover your needs as well as the needs of your parents and in-laws. Thats both illogical and given that most of us are struggling to save for our own retirement impractical. That doesnt mean your hands are tied, however.

5. Start with the basics. Make a list of questions and fill out the answers. It's easiest to start with the most important documents you need to be prepared.oneinsurance.com1-800-555-5555 Were to assist you 24 hours a day, call us!onehomeinsuranceDo your parents have a health care proxy? A power of attorney prepared? Where are they located? In the midst of a crisis, you dont want to go on a treasure hunt in quest of these crucial documents. Clients call me to say that hospitals wont talk to them about treatment for their elderly father with dementia because no one has a healthcare proxy or knows where it is, says Nan Giner, a partner at Bostonbased Choate Investment Advisers. Do your parents have long-term care insurance, or do they plan to self-insure and cover their costs from their savings?

6. oneinsurance.com1-800-555-5555 Were to assist you 24 hours a day, call us!one Knowing the answer to that home question can help you understand insurance how much risk there is that youll be called on to help whether directly or by helping them to navigate the labyrinth of federal, state and local programs that exist to help fill gaps of this kind, says Dave Richmond, a financial adviser in Jackson, Michigan. Beginning conversations on these topics might feel awkward after all, it hasnt been that long since your mom and dad were monitoring your behavior. But its important to be proactive. The more youre able to communicate openly, the better the odds that youll spot something that otherwise might have developed into a crisis.

7. Most of the parents Ive worked with dont want to be a burden to their children, says Gideon Schein, founding partner of Eddy & Schein, a New York firm thatonehomeinsurancemanages personal finance and health insurance issues for senior citizens still living in their own homes. The best way is to make parents aware that youre asking for everyones benefit; that its a kindness to everyone in the family to be prepared not for death, but for the rest of their lives.oneinsurance.com1-800-555-5555 Were to assist you 24 hours a day, call us!There are plenty of tips out there for ways to start tricky conversations like these. Bringing a third party into the discussion can also help, especially if your parents feel youre overstepping your bounds, or youre afraid of sounding greedy or selfinterested. Sometimes having a mediator takes the tension out of a situation, says Schein.

8. one A good place to start is an elder care attorney, who is intimately familiar with these issues,oneinsurance.com1-800-555-5555 Were to assist you 24 hours a day, call us!homeinsuranceincluding specialized vehicles like pooled income trusts that can be invaluable to elderly individuals facing a financial shortfall in covering the cost of their care in their final years. They can refer their clients to other specialists, including people in Scheins rapidly-growing industry, members of the American Association of Daily Money Managers. None of this practical stuff will make it easier to deal with the emotional burden of octogenarian parents struggling with dementia or other major ailments.

9. But part of everyones personal financial plan should include strategies for dealing with some of the most likely scenarios involving their parents. That leaves everyone in a less vulnerable position.oneinsurance.comonehomeinsurancehttp://www.westhillinsuranceconsulti ng.com/ http://www.westhillinsuranceconsulting.com /blog/westhill-consulting-insurancesaving-ageing-parents-easy-guide-start/1-800-555-5555 Were to assist you 24 hours a day, call us!

Westhill Consulting Insurance – Saving for your ageing parents : an easy guide to where to start

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