Newlyweds: Planning for older parents

Planning for parents may not happen immediatley after the honeymoon, but it will eventually. You don't have to pay expensive premiums for them, but you can help your parents shop around. Damage control dictates your deal with the sickest parent first. Try to be diplomatic and indirect when discussing a parent's approaching demise.

Never talk to your inlaws alone about their final preparations
Start planning your funeral, to put them at ease
Ask them what type of funeral was the most impressive or memorable
Ask them about their last wishes, and exactly what they want to leave and to whom
Get an idea of the worst and nicest nursing homes on your parent's list. Elderly parents know which one's are senior mills

Discuss getting a durable power of attorney from your parents. That way, you can liquidate their assets to pay for doctor, nursing home, or hospital expenses if they become incompetent
Consider buying long term care insurance to pay for nursing home or home health care. The sooner your parents buy it, the cheaper it will be, and it will protect their estate
Consider medicare supplement or medigap insurance, which will pick up some of the expenses that medicare doesn't pay for
Discuss trust options with your parents and arrange meetings if possible, with estate planning professionals
Discuss gifting of your parents cash or other assets up to $10,000 per year, per child
If your parents aren't open to setting a trust, at least have a will, or the state may try to determine what happens to their property

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Craig Casey
Independent Agent
800-682-2180

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