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As parents age, it is natural for their children to take on more responsibility in assisting them with everything from occasional needs to everyday caregiving. For many, this includes finding ways to approach estate planning for elderly parents. Discussing preparations for the final stages of a parent’s life can be difficult, emotionally and practically. Here are some tips on when and how to discuss estate planning with your parents, so that you can be prepared when the end comes.
It can be emotionally difficult to discuss estate planning with your elderly parents. According to a 2022 study, 67% of Americans have no estate plan. Forty percent of them say the reason is they simply have not gotten around to it. Some older adults have an aversion to thinking about their health failing or their eventual death. Others may not know how to structure their thoughts about their legacy and final wishes.
If your parents are elderly, it is important to discuss their estate planning options sooner rather than later. Executing a complete estate plan can provide a safety net for your family to ensure that the documentation is in place for you to step in as their medical decisionmaker, conservator, or guardian, should they need one. This allows you to seamlessly take over their medical and financial care, and keep your family out of the Florida probate courts. Further, there are many asset protection strategies that can be used to ensure your elderly parents have access to funds and government benefits they will need
The best way to approach your elderly parents about their estate plan will depend on their personality and the size of their estate. Here are some strategies to consider:
One technique that can help elderly parents think about their estate planning is to invite them to think about their final wishes in terms of their legacy. What do they want people to remember about them? Are there causes or organizations that want to make charitable donations to as part of their estate plan? Thinking about the future of their assets in these philanthropic terms can help take the focus off of their fears about their own lives, and frame the issue about helping others.
Similarly, it can be helpful to discuss estate planning for elderly parents in terms of supporting family: spouses, children, grandchildren, and other relatives, making sure their needs are met and helping them achieve life goals like owning a home or going to college. By leaving specific gifts in their Will, or creating a trust to provide ongoing support, elderly parents can ensure their family is financially protected, even after their death. This also opens the door to discussing asset protection strategies that reduce probate costs and estate taxes. Parents can be encouraged to work with an estate planning attorney to make sure more of what they own is passed on to the next generation, rather than the government.
Many elderly parents experience anxiety about their own healthcare and financial affairs in their final days. They may worry about being placed in a retirement home or being subjected to unwanted life-sustaining treatment. A complete estate plan addresses these concerns, giving elderly parents peace of mind by:
Any adult can benefit from thoughtfully creating an estate plan with the help of an estate planning attorney, but there are certain concerns that are especially important for elderly parents.
Elderly parents are more likely to experience health issues, mobility issues, or cognitive decline, which could interfere with their ability to meet with an estate planning attorney, articulate their wishes for their assets and loved ones, and execute the necessary estate planning documents. An elderly person’s declining health or mental ability may raise questions of their legal capacity to make decisions for their care, and execute estate planning documents directing the distribution of their future estate.
Once your parents reach a certain age, they will be required to take minimum distributions from their retirement assets, such as 401(k)s and IRAs. These payments, combined with social security income, generally make up your elderly parents’ income. You will need to consider whether they have sufficient funds to pay for their lifestyle and their medical care throughout their lives. Financial planning is a key part of estate planning for elderly parents. They may need to make additional withdrawals to supplement their living expenses. Alternatively, they may want to consider charitable donations and other tax avoidance strategies to make the most of their estate. You will need to have a clear understanding of their needs, assets, and any life insurance policies, before you can guide them through deciding how those assets should be divided after their death.
Depending on your family dynamics and history, as well as the caregivers involved in your parents’ lives, you may face challenges ensuring your parents’ true wishes are met in the estate administration process. Elderly adults are often vulnerable to manipulation by caregivers or other trusted individuals who prey on their isolation, loneliness, and reduced mental capacity. This is why some children of aging parents step in to manage their parents’ estate planning and financial affairs. However, whether you are the caregiving child or a beneficiary watching your relative struggle from outside, there may be concerns about undue influence interfering with your parents’ wishes. A will challenge based on undue influence can be painful, time-consuming, and expensive. That is why you should always ensure that your loved one’s estate plan is completed by an experienced estate planning attorney, who can confirm their decisions are their own, and avoid an undue influence claim later on.
At Harrison Estate Law, our Gainesville estate planning attorneys know how hard it can be to approach estate planning with your elderly parents. We can provide you with strategies, support, and legal advice to guide you and your parents through the estate planning process. Please contact us online or via email or call 352-559-9828 to schedule a free consultation. We offer consultations by phone or Zoom. We will be happy to meet with you to craft an estate plan that will protect your parents’ assets and honor their wishes.
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