1. Prepare Yourself First
Before starting the conversation, process your own feelings about the topic. Do some research so you can present your parent with clear options. This preparation helps your parent feel comfortable and in control. Remember, this does not need to be a one-time conversation. Small, calm discussions can help your family make progress over time. Avoiding the topic can lead to confusion, stress, and costly mistakes later.
2. Review Legal and Financial Documents
Two of the most important documents your parent should have are:
- Durable Power of Attorney (DPOA): Lets someone they trust make financial and legal decisions if they are unable to.
- Healthcare Proxy: Appoints someone to make medical decisions if they cannot.
If your parent does not have these documents, meet with an experienced elder law attorney to create them. Without a DPOA or healthcare proxy, you may have to go through court to be appointed as guardian — a stressful and time-consuming process.
Also review their will, retirement accounts, and life insurance policies. Have beneficiaries been updated to reflect births, deaths, or divorces? Reviewing these documents annually helps avoid surprises and ensures their wishes are followed.
3. Discuss a Long-Term Care Plan
Talk about how your parent plans to handle potential long-term care needs. According to PBS, 70% of seniors will need some form of long-term care. Costs can be extremely high. Explore options such as:
- Long-term care insurance or riders added to life insurance
- Medicaid (MaineCare) planning with an elder law attorney
- Savings strategies to cover future care
Having a plan in place can ease the emotional and financial burden on your family later.
4. Meet Their “Team”
Ask your parent to introduce you to their financial advisor, attorney, or other key professionals. Knowing who they work with — and how to reach them — will make it easier to step in if needed. This oversight protects your parent while respecting their independence and privacy.
5. Understand Their Filing System
Finally, find out where your parent keeps important documents, online account information, and forms of ID. You don’t need to see every detail, but you should know where to locate these items quickly in an emergency. Revisit this topic a couple of times a year — as your parent ages, they may move or reorganize their paperwork.
Start the Conversation Now
The best time to talk about these issues is while your parent is healthy. Proactive planning gives your family peace of mind and helps avoid unnecessary stress during a crisis.
📞 Call our office today to schedule a consultation and learn how we can help you and your parents prepare for the future. Reach us at (207) 848-5600 or visit our CONTACT page.
