While much advice is being given these days to children of elderly parents on how they can help with finances and healthcare, here is some good advice for what aging parents can do for their adult children:
Multigenerational housing – About 25 percent of young adults are living with their parents these days, not always by choice. Parents should encourage children to have an exit plan that includes planning and saving for independent living some day.
Roth IRAs – Parents who put as much aside as possible in a Roth IRA are building assets for their children tax-free.
Minimize long-term care expenses – Parents need to execute advance medical directives that provide clear instructions for end-of-life care and invest in long-term care insurance so estate assets are not diminished by health care costs.
Make a will – Talk to your children about what they want and incorporate their wishes with yours in your last will and testament.
Title assets properly to avoid probate – Be sure the beneficiary forms for your investment accounts, bank accounts and retirement accounts are properly filled out so your family can avoid probate.
Keep good financial records – Don’t make your children have to reconstruct your finances after you’re gone. Keep good financial records – as well as a list of all your estate planning documents, online account information and passwords – so they have a path to follow.
At The Estate, Trust and Elder Law Firm, P.L. we help our Treasure Coast clients develop and implement comprehensive estate planning strategies personally tailored to their unique situation, needs, and goals. Contact us for your initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.