A recent NY Times article asks, Dear Mom and Dad: Are Your Finances Ready for Retirement? While finances are a vital issue for aging adults, there are additional legal and practical issues that
Sally Hurme, author of “Checklist for Family Survivors: A Guide to Practical and Legal Matters When Someone You Love Dies,” says that adult siblings who want to discuss retirement and end-of-life planning with their parents should communicate with each other first, then nominate a spokesman to lead the conversation.
Carol Levine, a senior fellow at the United Hospital Fund in New York, says you should avoid discussing your parents’ retirement, finance and end-of-life planning during the holidays. “Yes, everyone might be together, but they can be together by Skype and other ways,” said. “These are festive times and good times, kids are around; don’t muddy it with all these difficult conversations.”
Estate Planning and Elder Law attorney Mario Godoys says that often children aren’t aware of their parent’s estate plans and options and don’t know how to discuss finances with aging parents:
Discussing your parent’s finances and end-of-life plans is sensitive and requires planning – but it’s necessary! Many times children find themselves unexpected financial advisors or even caretakers for their parents and aren’t adequately informed to make good decisions. An experienced Illinois elder law attorney can explain applicable laws and advise you on the best options to protect the interests of aging parents.
Adult children don’t want a conversation with their parents about retirement plans seen as a money grab for their inheritance, but often they have witnessed problems their friends experience with aging parents. Similarly, parents don’t want to be viewed as losing their cognitive abilities and often resent their children and grandchildren prying into their personal business.
An Illinois estate planning lawyer can help you protect your parents’ rights and interests and work with you and your parents on retirement and end-of-life planning and decisions. Consulting an experienced probate, trust and estates attorney in Chicago or Lombard can give you advice and discuss your legal options. Contact the Estate & Probate Legal Group at 630.800.0112.