It’s Time to Talk to Your Aging Parents About Estate Planning

in Member Education

If you are between the ages of 45-55, much of your time is likely spent juggling work and your home life, without much opportunity for downtime. But just as you are getting older with every passing year, so are your parents. As a child, it is not easy watching your parents age, but it is essential that you have conversations with them about their finances during this time.

Having finances and estate plans in place are important for financial health because they protect wealth while providing instructions for the transfer of assets to selected beneficiaries.

Along with tax strategies and a will or trust agreement, your aging parents’ financial plan should include:

  • Advance health care directives, trusts or living wills
  • Directions relating to business ownership or equity stakes
  • Power of attorney documents
  • Guardian designations for minor children or grandchildren
  • Instructions and protections for special needs family members who rely on government benefits
  • Probate
  • Conservatorship

Assisting your parents getting these documents ready is a great first step and should be followed up with periodic updating. This is particularly important for older individuals and those who may be in poor health. Plans can be revisited at any time but, at a minimum, should be considered when significant life events take place like the birth of a grandchild, a marriage or death in the family.

Even if your parents do not currently need help, having an overview of their finances and having a durable power of attorney in place to help in the future can immensely aid to their aging success.

These conversations are not easy to have, but they can help your parents live more securely and with less stress as they age. Our Financial Advisors can help gather documents and assist in planning for your parents’ financial planning. Contact them today to get started.

Bob Skillings, Financial Advisor | 706 N German St. New Ulm, MN 56073; 877-794-6712; Direct: 507-233-5624; Fax: 507-233-5601; [email protected]

SouthPoint Financial Credit Union or any other entity appearing on this website is not affiliated with Cetera Advisor Networks LLC. *NOT AN NCUA/NCUSIF INSURED, NOT A DEPOSIT, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY, NO CREDIT UNION GUARANTEE, MAY LOSE VALUE.

*Consult your legal or tax counsel for advice and information concerning your particular circumstances. Neither Cetera Advisors Networks LLC nor any of its representative may give legal or tax advice. **Securities and investment advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC, a Broker-Dealer and a Registered Investment Advisor. Cetera is under separate ownership from any other named entity.


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