Building a trusted team of advisors to help with legal, financial and healthcare decisions will help by filling gaps in knowledge where they exist to better create a holistic plan.
Organizes financial affairs, analyzes investments, and makes recommendations for investment strategies aligned with your financial objectives and goals.
Handles annual personal and any business tax filings with an eye towards reducing or eliminating taxes in the transfer of assets.
Estate Planning Attorney
Responsible for ensuring your plans for asset distribution after you die are carried out efficiently, reducing taxes and other costs and avoiding a prolonged review by a probate court. For complex estates, this may require legal opinions on setting up trusts and powers of attorney, which will help you plan for potential incapacity, when you aren’t able to make decisions for yourself because of an illness or disability.
Geriatric Care Manager or Visiting Nurse
Might offer solutions and perspectives when it comes to caring for an aging parent safely and within his or her own home. These professionals can give objective advice and arrange the resources needed to provide the best care for Mom or Dad. They can also help with the difficult decisions necessary when it is no longer safe or feasible for an elder to remain in his or her home.
There are many people involved in an estate plan, including not only family and business partners, but a host of advisors. There will be a financial advisor, an accountant and an estate lawyer, no doubt. Family members or others might be assigned power of attorney or healthcare proxy—people who are legally able to make financial and healthcare decisions if the person is incapacitated. Trustees—either family members, associates or a bank officer—might be appointed to handle a trust established for a grandchild. Here are some basic estate planning tools:
When it comes to dividing caretaking for an elderly parent, families need to consider the needs and wishes of the aging parent and the abilities and willingness of the adult children who will be doing the caretaking.
Being the oldest adult child doesn’t always translate into being the one with the most financial skills, and being the daughter doesn’t inevitably mean taking on the care duties. Adult children should meet together, with their parents if possible, to talk about who has the ability to take on specific responsibilities.
Sibling rivalries and resentments need to be overcome if harmony is to be obtained. The person who lives closest to the parent often becomes the day-to-day caretaker, but this might not be sustainable for the long term. Adult children may wish to arrange a rotating schedule of roles, or arrange to compensate a sibling who is taking on more of the daily duties.
There are some formal legal roles that often get divided among family members:
Don’t wait until there's an emergency to have a conversation about the long-term care needs of aging parents. Download this free workbook that helps families begin the conversation.
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