Davidow Articles
A Critical Conversation
How do you start a conversation about the necessity of planning
with an elderly loved one? You may feel uncomfortable because they
may think that your motives involve greed or control; or for many
different reasons they may not be receptive to the idea. But, if
there is no planning, there is no plan. Explain to them that there
are solutions that can keep them in control.
Important questions to ask:
• |
Do you have an updated,
valid last will and testament? |
• |
Do you have a durable power of attorney
naming someone to manage your financial affairs in the event
you were unable to do so? |
• |
Do you have a Health Care Proxy and
a living will which designates a trusted individual to make
medical decisions should you become incapacitated? |
• |
Do you have a living trust in order
to avoid probate? |
• |
Have you prepared a concise list of
your assets and valuables? |
• |
Do you have an appropriate estate
plan in place in order to minimize or eliminate estate taxes? |
• |
Do you have long term care insurance?
Medigap insurance? Supplemental insurance? |
• |
If anything ever happened to you,
where would I find these documents? |
• |
Have you protected your home and other assets from the high cost of long term
care? |
Understandably, these are
very difficult questions to ask. There are ways to alleviate the
awkwardness: write the questions down, use someone else's experience
or invite them to one of Davidow, Davidow, Siegel & Stern's
informative and entertainining seminars. Check out calendar to
find out about upcoming seminars.
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