How can I start financial planning for my elderly parents?

How can I start financial planning for my elderly parents?

It's great that you're looking to help your parents with financial planning. Start by assessing their current financial situation, including income, expenses, and any debts.

What specific areas should I focus on?

Focus on budgeting, healthcare costs, retirement savings, and estate planning. It's also important to consider long-term care options.

How can I help them with healthcare costs?

Look into Medicare options, supplemental insurance, and long-term care insurance. Understanding their coverage can significantly reduce out-of-pocket expenses.

What about their estate planning?

Encourage them to create or update their will, consider trusts, and designate power of attorney. This ensures their wishes are honored.

Are there any resources you recommend?

Yes, consider consulting a financial advisor who specializes in elder care, and check out resources from AARP and local community services.