An often overlooked thread in the inheritance process is our aging parents and grandparents’ health. And while of course there is a financial element here that must be accounted for, I will again focus more on the planning and conversations than the math.
The NY Times published an article Talk To Your Parents over the weekend to help readers deal with this eventuality. It may not be comfortable, but it is necessary. It falls into the “harder now, easier later” lane, like so much of adulting and life does. Some of The Gray Lady’s advice:
To avoid these scenarios, we asked experts what you need to learn about your aging parents before a crisis. And they identified three clear steps you can take to make sure you’re prepared.
- Ask about their health. The first step is having a difficult conversation with your parents.
- Discuss their living environment. The second step is to ensure their home is still safe for them. Parents often end up in hospitals or care facilities because their abilities no longer align with their house, Dr. Aronson said.
- Make a plan. Finally, prepare for a medical emergency. While you can’t rehearse every possible decision, you can be clear about who will speak for your parents if they are incapacitated and what they care about most.
It’s normal to want to avoid these conversations. “It feels like you’re putting them through something hard, but it’s avoiding something that is far, far worse,” Dr. Aronson said.
Do you need to do this? No, you don’t, you can wait…but try to imagine what the moment will be like if we don’t put in the work now. We can dig a well before we’re thirsty. We can raise our parents and our children well. We can lead our families forward…