Turning the Tables
Mother's Day was just a few days ago; I hope you had the opportunity to reflect on the mother figures in your life. Was talking to them about their wishes for end of life care on the list of dinner topics?
No? I'm shocked by that resounding (imagined) response.
Okay, I'm not really that surprised. It's a hard conversation to have, not one usually brought up on feast days. Seriously, though: have you considered that taking care of your aging parents will, eventually, fall upon you? We are living longer than ever, healthier lifestyles and medical advances give us so much more time together. However independent, either financially or physically, your parents are now, there will most likely come a time when they need you just as much as you needed them as a child. Are you (financially) ready for that day?
Why would a financial adviser be advising you to have conversations with your parents about this topic? The answer is: if you are getting these emails, it's because you are a responsible person seeking a financially secure present and future, and aging parents (even the most financially stable and well-off ones) can have a large impact on the financial lives of their children. Making life decisions is hard, but making them without the proper resources is even harder.
Invite your parents over (again) and talk to them about their plans for aging. Here are a few links to read beforehand.
It's About Respecting Aging Parents, But How Do You Do It?
My Aging Mom Didn't Want To Be A Burden
Taking Care of Aging Parents: The Legal and Financial Details...