Livens & Reed, PLLC

Ask parents about long-term care needs, other retirement plans

Many Texas residents and others across the country are blessed to still have their parents involved in their lives. However, as parents age, a host of questions arise regarding their futures. Some individuals may ask their parents about their retirement funds, wills or long-term care plans out of concern. However, those same individuals may not have considered that the answers to those questions may have a significant impact on their lives as well.

Unfortunately, there are many financial concerns that come with getting older, such as ensuring that one has sufficient income to pay for everyday expenses. Then, it is critical to have the appropriate documents in place to make sure that a person's estate will be distributed as desired. One component that many seniors overlook is the potential need for long-term care. Failing to handle any of these issues can have a major effect on family members. Therefore, no matter how uncomfortable a discussion may be, it is imperative to talk about these subjects with aging parents while still possible.

Experts stress that having these talks is an important step in assuring that the retirement years are pleasant for parents. Particularly with long-term care plans, it is vital to understand the parents' wishes. Deciding whether care should be provided in-home or at a skilled facility is a critical step. After that decision is reached, a discussion regarding the finances to pay for the care is warranted.

Having these types of talks with parents about long-term care and other retirement plans should be done as soon as possible. Including them in the decision-making helps the later transitions to occur more smoothly. A Texas attorney familiar with estate administration laws can help clients with their owns needs as well as advise how to help their parents with these important decisions.

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Livens & Reed, PLLC

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