Planning Ahead with Your Aging Parent
We were dependent on our parents for almost everything since our birth, and they fulfilled all our needs unconditionally. It is only right that we take care of them in every way as they grow old. There is no way of estimating life expectancy, and that’s why we as caregivers have to always be ready.
Your parents may develop different needs when they grow older and you need to be in touch with the state of their physical and mental health. It’s one of the easier ways to prepare them for the future.
Keep all documents at hand!
Planning is not only practical but also necessary. We should have an open discussion with our parents about their wishes keeping emotions aside, be it about their medical care, special requests for organ donation or decision-making.
You should have the following documents to make the process easier:L
- Trust documents
- Organ donor information
- Power of Attorney
- Will or Advanced Care Plan
- Medical insurance policy information
- Instructions for funeral or burial
Keep them in a folder so they can be accessed together whenever necessary. Storing it in a lockbox will ensure security.
The Other Things You Shouldn’t Forget
Apart from these important documents, you can also keep the following close at hand because you never know when the need arises.
- Social security card
- Birth certificate
- Medical Record
- Property Deeds
- Essential contact information
Bring Finances in Order
Finance is one area that will always be disorganized unless sorted out ahead of time. Encourage your parents and seniors to employ financial planners who can help them arrange everything the way they want. Following a strict financial plan is also helpful in balancing income and savings during retirement. Moreover, insurance coverage is an important issue which can go haywire without the correct policies in place.
If your parents do not want to leave the comfort of the home they have spent most of their lives in, then you can opt for in-home care. They will be taken care of without feeling restricted. There are many care provider services now which will let you customize the kind of help your parents need.
Remember that your parents derive their strength from you, so be a stable shoulder they can lean on.
Request a Complimentary Workbook
For help getting started with each of these planning steps, contact our office to request our free planning workbook. We are here to support you and your loved ones. Call us today at 847-730-5930 to let us know how we can help.