Helping your parents plan for the future

Helping your parents plan for the future

As we all get older it can sometimes be very hard to have conversations with our parents about issues such as money, the cost of care, plans for the future etc. But how many times have you heard the phrase ‘ I wish you had told me sooner’ or ‘Why do we have to sell the family home?’

There can be concerns about appearing nosey about your parent’s financial affairs, for example

• Not wanting to appear that you are fishing for your inheritance
• Not sure what your siblings may think
• It can be hard to get siblings or parents to even face up to the possibility of problems in the future.

The problem is that most of these conversations actually start when it’s too late and they then only become necessary because a parent requires care and yet no real planning has taken place.

So how do you care for ageing parents without financially or emotionally crippling your family?

This is not about buying a care fees plan or selling the family silver, it is about having rational conversations with your parents to find out their current financial situation and understand their future wishes.

The main topics which need discussion are
• Money
• House
• Care
• Legacy

Money
• How much they have
• How much they owe
• What’s working?
• What’s not working?
• What they would want to change

House
Who’s name is it in and how is it registered ?
• What are their thoughts about staying in the house as they get older?
• Would they want to sell ? Could it sell ?
• Is the property in good condition ? If repairs are needed, is there enough cash to fund them ?
• What’s the true value, as opposed to the purchase cost ?
• Who will receive what? What’s fair within the family ?
• Should it be sold or gifted ?
• Clutter clearing (by who and how ?)
• Who will become responsible for managing the property if your parents cant?

Care
• What care do they feel they may need?
• What concerns do they have?
• What support do they feel they may need?
• Where would they want care to be offered?
• Should this be in the family home, moving in with children or a communal home?

Legacy
This is about how we each want to be remembered
Not so much Wills and Trusts, though they are important, but what do they feel is important to remember them for – what were their strengths, what upsets them that they didn’t do, can that be changed and so on

All these subjects can appear difficult to discuss and intrusive or hard to approach. With the right tools you can start these conversations and if started soon enough, you can help your parents plan for the future and make life more comfortable, less uncertain and without scares.

 

Logic Wealth Planning have the tools and can help with the questions. We’re trained to understand the issues and can help with solutions too, whether it is financial planning, recommending care consultants or dealing with the legal issues that may arise. We’re not one-stop shop or Jack-of -all -trades’ ’ but we do have the experience and the professional connections to ensure best outcomes for your parent’s and family.