Important documents - All parents have their super clever secret hiding spots where they keep all their important files and documents. If you are lucky enough that your parents remember where these super clever secret hiding spots are, than you are a step ahead of most of us. It’s important that you ask them where many of their important documents are located. These are things like their will and living-will, life insurance policies, information on their financial accounts, financial power of attorney and more. Knowing where these are kept is critical because a) you know your parents actually have the documents and b) you know where they are in the case of an emergency.
Long-term care insurance - It can seem like an uncomfortable subject, but the earlier you talk to your parents about their long term care, the less expensive it will be for both them and you. Like any insurance, long-term care insurance is cheaper if you buy it when you’re younger and healthier. Even with parents as young as 50-years-old, planning for the financial strain that long-term care can present is a conversation worth having.
