|
|
 |
Do you know your parent’s wishes for the last years of their lives? Hard questions must be asked and answered, while they are still of sound mind. Learning now about their desires will allow you to know how to respect them in their final years and avoid any regrets. God does not want his family to be stressed. He wants each of us to enjoy abundant happiness. For your peace of mind and the well being of your beloved senior citizens, the money topic must “come out” and be openly discussed. Can they afford to take care of themselves, what living arrangements do they desire, and if help is needed, how much? Once understood, concerns can be resolved. Adult children, your parents worked very hard to provide for the family, and now the tide has turned. Their well being is now one of your main concerns. You need to know if they are happy and if their income will be sufficient for their remaining years. You also need to make sure your parents do not leave any financial or emotional messes for you to clean up after they go on to glory. Now, while your parents are of sound mind, help them get organized and assist them in sharing with their most trusted heirs. Support your parents in setting aside one day a year, possibly when the family gets together for a holiday or anniversary, to share their “state of the family” report with the whole family. We like to take our children on a vacation and share our family report with them. Our children and grandchildren look forward to this time together. For 10 years, they have known exactly what their inheritance will be, and that the remaining money will go to Christian charities. In the past, money or the lack of it has been a “private” topic, which was not to be discussed with anyone. Therefore, it might be hard for older loved ones to open up and share. If you are having a difficult time talking with your seniors, please give them this article. Ask your parents to answer these additional questions, keeping their answers and all information in one place, such as a three ring binder or a file cabinet. Then encourage them to share this information with the rest of the family, or at least with the person designated as their Personal Representative. 1. Are your legal documents current? Does each have three documents: a Will or Revocable Living Trust; a Durable Power of Attorney; and a Declaration of Patient Advocacy? Is your Personal Representative still willing to serve? Are your original documents in your possession? Does your Patient Advocate know your incapacitation wishes? Have you written, signed and dated a list of your special personal items that you desire to go to specific heirs? 2. What are your investments and where do you keep your current statements? Are you spending down your investments? If so, how fast are they being depleted? How are each of your investments registered: in trust, individual, IRA, ROTH, or joint? 3. What life insurance policies do you own and whom are they insuring? What are the death benefits and are you still paying premiums? Where are the last annual statements? Are the beneficiaries up to date? 4. What long-term care insurance policies do you own? What is the coverage? Who is your designated person for the LTC company to inform if a premium is not paid? 5. If you died today, would there be estate taxes due? Does your Trust speak to eliminating your estate tax? Would you rather have the IRS or your favorite charity spend your estate taxes? 6. Have you written love letters to your Heirs, telling them how much you loved them and how much they mean to you? This is a good opportunity to pass on your family’s values, which are taught through role modeling in the family unit. 7. What are your funeral desires: which clergy to officiate, cremation or burial, favorite scriptures and songs, what clothing to put on your body, type of casket, and jewelry. If your family has a relationship problem, there is still time to correct it. God will give you the wisdom and strength to find the solution. No problem is too big for God. It is inevitable; God will someday take each of us to our heavenly home. Prepare early, so you and your loved ones have the peace of mind, that no matter what happens, you are ready. No one wants or needs regrets. Parents, please accept this opportunity to do what is right and eliminate any remaining messes. Do not leave them for the next generation. Be a blessing to your children and their children. Your money and assets cannot go with you, so you need to deal with them now. If you need a wealth transfer plan, it’s time to ask for expert help. Wealth Coaches Maria J. Kuitula and Phyllis J. Wordhouse, teach FREE classes on Separating Myths from TRUTH! Contact them at 734-459-1819, 800-615-0435 or WWW.WordhouseWealthCoaching.com for the current classes offered, additional articles, or to request a speaker for your group. |
