Passing Down More Than Just Stuff

Happy New Year’s Eve! Before we celebrate the year that was and anticipate the year upcoming, I wanted to briefly highlight a recent article from the Daily Skimm which highlights the value of a little preparation and planning:

What’s going on: The wake-up call often comes the same way: a forgotten account password, a mystery safety-deposit box (and the hunt for its key), or decades of paperwork left to untangle. Many baby boomers and Gen Xers now want to spare their kids of that mess, according to The Washington Post. They’re talking more openly with their children about long-term care, finances, cognitive decline, and even when to stop driving — conversations many once avoided. The shift follows years of caregiving strain. A survey by AARP and the National Alliance for Caregiving shows nearly half of family caregivers have faced at least one financial hardship. “I’m trying to set myself up to be less of a burden to my daughter,” one woman told the Post.

What it means: This story can help start the unglamorous but necessary conversations, whether you’re an adult looking to help a child or you have aging parents. Pull key information into one place before a crisis turns it into a scavenger hunt: account lists, passwords, insurance details, doctors, medications, and legal documents. You can start a simple caregiving binder to keep things organized (consider this helpful checklist to get started). An eldercare lawyer can help you think through the next steps. Ask friends for recommendations, do some research, and come prepared with questions before you hire anyone. If it feels difficult to address these issues, remember a head start can help before the pressure’s dialed up.

As we look ahead to the new year, we can help ourselves and our families forward…