As an Orange County elder lawyer, I know how common it is for each generation to avoid planning for their deaths.
It’s something no one likes to think about, especially when it comes to elderly parents who know they are running short of time on this earth.
Yet the big problem is that by avoiding this tough conversation with aging parents, the entire family is setting themselves up for a financial or legal mess if, and when, something happens to mom or dad.
Now I realize having this conversation can be tricky.
Neither you or your parents may feel comfortable talking about, or even planning for death. Not only that, but you don’t want to look greedy or uncaring. That’s why you should approach the topic in a way that lets them know you have their best interests at heart.
Here’s two important things to keep in mind:
1. Estate planning and end-of-life planning protects your parent’s legacy: It’s not the only way they’ll be remembered, but it does give mom or dad the opportunity to have a say in what becomes of the assets they worked so hard to acquire.
2. Estate planning protects the beneficiaries: Just because you’ve grown and gone out into the world doesn’t mean that your parents don’t still feel the need to “parent” you. By taking the proper steps then to plan their estate means that they can lessen the burden on their children and grandchildren during an otherwise emotional and stressful time for the family. So let your parents know that you want to follow through on their wishes, and by planning in advance, you can make sure that happens.
And finally, once the subject has been brought out into the open, it’s best to take steps to speak with an Orange County elder attorney to get everything official and in writing.
Of course if you are now at this stage of planning and need help getting started, please feel free to give our office a call at (949) 260-1400.
With the mention if this article, you can come in for a Family Wealth Planning Session that will allow us to sit down with the family and narrow down the best ways to make sure mom or dad’s assets stay protected if death or incapacity occurs.
These sessions are normally $750, but again, you can come in absolutely free with the mention of this post. Just call (949) 260-1400 to schedule your appointment today.