Communicating with Your Parents about Finances
- Know your parent’s annual expenses and create a budget. Auto, home, medical expenses, insurance, taxes, utilities, and other expenses.
- Know your parent’s sources of annual income. Dividends, interest, rental income, social security, pensions, and other.
- The names and contact information of their accountant, lawyer, and financial advisor. What financial planning and estate planning has been done to protect assets?
- Does a durable power of attorney exist that covers finances? If yes, who has it?
- What are and where are the assets and the names of all financial institutions. Stocks, bonds, real estate, life insurance policies, annuities, and other.
- What are the liabilities? Mortgage, auto, credit cards and other.
- Do they receive and are they eligible for government assistance. Medicare, Medicaid, Veterans Benefits or Social Security.
- Is there any supplemental health insurance in addition to Medicare. What is the coverage and is it adequate?
- Is there any long-term care insurance. Where are the policies and what is the coverage?
- How are bills being paid? Online, paper checks. And, is it being done correctly?